Germany's Mytheresa's sales surge 9.8% in FY23

Despite the growth in sales, the gross profit margin for the year dipped slightly to 45.7 per cent, compared to 49.6 per cent in FY23. Nevertheless, the company maintained positive profitability, posting an adjusted EBITDA of €25.8 million, with a margin of 3.1 per cent. Mytheresa also reported adjusted operating income of €10.6 million and an adjusted net income of €7.7 million, the company said in a press release.

Mytheresa’s growth momentum continued into the second half of fiscal year 2024 (H2 FY24) and the fourth quarter (Q4 FY24). The company recorded a 13.8 per cent increase in net sales for H2, with a 9.7 per cent rise in Q4 compared to the prior-year periods. GMV growth in H2 stood at 11.4 per cent, while Q4 saw a 7.8 per cent increase compared to Q4 of FY23.

In terms of profitability, Mytheresa demonstrated significant improvement, achieving a gross profit margin of 47.4 per cent in Q4, narrowing the decline by only 150 basis points (bps) compared to the same quarter in FY23. Furthermore, the company's adjusted EBITDA margin surged to 4.3 per cent in H2, a notable increase from 1.7 per cent in the first half of FY24 and 2.3 per cent in H2 FY23.

“We are very pleased with our performance in the fourth quarter as it drove the continued very positive momentum for Mytheresa in H2 of fiscal 2024 with double-digit growth and almost doubling of profitability compared to prior year. We are very pleased with our full fiscal year 2024 results,” said Michael Kliger, chief executive officer of Mytheresa.

Fibre2Fashion News Desk (DP)