Mytheresa sales rise by 11% to €768.6m in FY23
The company said that its strong performance was due to extraordinary GMV growth of 40.8% in the US market as well as strong customer growth with +10% active customers in the last twelve months
German luxury fashion retailer Mytheresa has reported a net sales year-on-year increase of 11.4% to €768.6m (£659m) for the period ended in June 2023.
During the full year, the company saw a Gross Merchandise Value (GMV) growth of 14.5% to €855.8m (£733.7m), compared to €747.3m (£640.7m) in 2022. Adjusted EBITDA for the company was €41.1m (£35.2m) with an adjusted EBITDA margin of 5.3%.
In Q4 FY23 Mytheresa reported a GMV growth of 3.0% to €222.2m (£190.5m) as compared to €196.7m (£168.6m) in the prior year period. Net sales increased by 16.5% year-over-year to €203.8m (£174.7m) and there was an adjusted EBITDA of €7.4m (£6.3m), representing an adjusted EBITDA margin of 3.6%.
The company said that its strong performance was due to extraordinary GMV growth of 40.8% in the US market as well as strong customer growth with +10% active customers in the last twelve months.
The success in the US market was reinforced by the opening of the first ever Mytheresa pop-up store in East Hampton attracting 3,200 selected guests over five weeks.
For FY24, the company now expects GMV and net sales growth in the range of 8% to 13% as well as an adjusted EBITDA margin in the range of 3% and 5%.
Michael Kliger, chief executive Officer of Mytheresa, said: “We are extremely pleased with our excellent full fiscal year 2023 results. Double-digit growth across all geographies as well as continued profitability sets us apart especially in the current very difficult market environment.
“The driver for our excellent results is our continued focus on the big spending, wardrobe building top customers and not the aspirational, occasional luxury shoppers. Our business with Top Customers grew by +30% in terms of GMV in fiscal year 2023. The share of Top Customers in our business in terms of GMV has increased to now 39%.”
