Mytheresa posts improved sales in strong US market, hits record | kbnmart

Mytheresa on Thursday reported annual sales up 9.8 percent to €840.9 million, on the back of a strong second half that saw double-digit growth for the Germany-based luxury retailer.

The Munich-headquartered company posted a 7.1 percent growth in gross merchandise value to €913.6 million for the year ended June 30.

The year-on-year sales growth came on the back of a 13.8% increase in second-half sales and a 9.7% increase in fourth-quarter sales at the luxury brand. The US market was particularly noted, with sales up 25% year-on-year, as well as a strong increase in US car sales. Average Order Value (AOV) rose to a new record high of €703 during the year.

Mytheresa narrowed its net loss to €3.6 million in the fourth quarter of the fiscal year, compared with a loss of €5.4 million in the same period last year. Adjusted net income in the fourth quarter of the fiscal year also rose to €4.5 million, from €1.1 million in the same period last year. The adjustments include one-time effects such as stock-based compensation, transaction costs and legal costs.

“We are very pleased with our performance in the fourth quarter as Mytheresa’s continued positive momentum led into the second half of fiscal 2024 with double-digit growth and nearly doubling profitability year-over-year. We are very pleased with our results for the full fiscal year 2024,” said Michael Kliger, CEO of Mytheresa.

“With our record average order value, high customer satisfaction scores, strong revenue growth from our key clients and numerous exceptional key client activations alongside brands, we have firmly established ourselves as the premier high-end luxury digital platform. Mytheresa is building a community for luxury lovers. We create desire through digital and physical experiences.”

Looking ahead, the company said it expects full-year gross merchandise value and sales growth to range from 7% to 13%.