Mytheresa Q2 GMV grows 7.8 percent

German luxury retailer Mytheresa has reported a 7.8 percent increase in gross merchandise value (GMV) in the first quarter of the year.

In the three months to December 31, GMV came in at 215.9 million euros, up from 200.2 million euros a year earlier.

That came as net sales rose 1.3 percent to 190.1 million euros.

However, the Munich-based company’s adjusted EBITDA narrowed to 17.7 million euros from 28.3 million euros a year earlier.

Chief executive officer Michael Kliger told investors: “We are pleased with the solid growth in the second quarter which is driven by Mytheresa’s clear focus on the true high-end, wardrobe-building luxury customers and not the aspirational, occasional luxury shoppers who are more likely to be impacted negatively by an economic downturn.”

Looking ahead, the company said it expects FY23 GMV growth on the lower end of its previously announced guidance of between 16 percent and 22 percent, and an EBITDA margin of between 9 percent and 9.5 percent.

Kliger continued: “Our business has shown once more excellent financial strength and resilience against a backdrop of economic and geopolitical challenges, setting Mytheresa apart from other digital platforms in the same period.”