Mytheresa clocks Q1 sales growth despite slowdown across all geographic markets

German luxury retail platform Mytheresa announced on Tuesday revenues grew 6.8% on a reported basis to €187.8 million, held up by double-digit growth in the United States, with growth slowing across all geographies.

The Munich-based company also recorded GMV growth of 3.1% on a reported basis €204.1 million during the quarter ending September 30, compared to €197.9 million in the prior year period.

During the three months, Mytheresa said its average order value was “strong” at €660, with the number of the company’s ‘top customers’ increasing by 19%.

In another sign of improvement, net loss narrowed to €3.8 million, compared to a net loss of €11.9 in the prior-year period.

The luxury multi-brand digital platform touted its “solid financial performance” during the first quarter, “delivering growth and only a small net loss amidst challenging market conditions,” according to a press release.

“We are pleased with our results in a very difficult macro environment. With our positive revenue growth and a small Adj. EBITDA loss, we demonstrated the fundamental strength of our business model compared to peers. As expected we saw a continued slowdown in demand with aspirational customers across all geographies and a high promotional intensity in the market,” said ​Michael Kliger, chief executive officer of Mytheresa.

“We achieved strong double-digit revenue growth in the United States, grew again our business with our global top customers over-proportionally and managed to mitigate significant margin pressures with cost reductions. With our resilient business model and our focus on the high-spending, wardrobe-building customers we will be best positioned to benefit and accelerate when market conditions improve.”

Looking ahead, the company said it expects ​a stronger second half, compared to the first half of fiscal 2024, “as the market environment improves and the full leverage of major infrastructure investments boost the business.”

For the full fiscal year ending June 30, Mytheresa set its guidance at the lower end of its expected ranges, with GMV and net sales growth in the range of 8% to 13%.