The gross profit of the company rose significantly by 11.5 per cent YoY to €88.6 million, with the gross profit margin improving by 150 basis points (bps) to 43.9 per cent and profitability by 200 basis points (bps) at adjusted EBITDA margin level of 1.4 per cent in Q1 FY25 as compared to -0.6 per cent in the prior year period.
Mytheresa has reported net sales of €201.7 million (~$212.14 million) in Q1 FY25, up 7.6 per cent YoY.
Gross profit rose 11.5 per cent to €88.6 million, with a 150-bps margin improvement.
Adjusted EBITDA reached €2.9 million, up from a €1.2 million loss.
Despite a €30 million operating loss, adjusted net income hit €5.4 million.
CEO Michael Kliger cited strong growth momentum.
Adjusted EBITDA showed strong improvement, reaching €2.9 million, compared to a loss of €1.2 million in the same quarter last year. Adjusted operating income also improved by 75.1 per cent YoY, narrowing the loss to €1.1 million, with an adjusted operating margin of -0.6 per cent, an improvement of 180 bps, Mytheresa said in a press release.
The gross merchandise value (GMV) rose by 6.3 per cent to €216.6 million, compared to €203.8 million in the same period last year. The company’s active customers (Last Twelve Months, or LTM) declined by 2.7 per cent to 842,000, while total orders shipped (LTM) increased by 3.3 per cent to 2,095,000.
There was a double-digit US market growth with +14 per cent in Q1 FY25 and net sales share of the US further expanding to 20 per cent. There was an exceptional customer economics with strong increase in average GMV per top customers by +16.7 per cent in Q1 FY25, stated the release.
Despite operational improvements, the company recorded an operating loss of €30.0 million, widening from €13.5 million in the same period last year, with an operating loss margin of -14.9 per cent, down 770 bps. The net loss of the company also increased to €23.5 million, compared to €12.2 million last year, with a net loss margin of -11.7 per cent, down 520 bps.
On an adjusted basis, the company reported net income of €5.4 million, a significant improvement from a loss of €3.3 million in the same period last year, with the adjusted net income margin reaching 2.7 per cent, up by 440 bps. These results reflect a strategic shift towards profitability, with strong growth in gross profit and adjusted metrics, despite challenges in operational expenses, added the release.
“We are very pleased with our results despite many short-term uncertainties. With strong revenue growth and positive adjusted EBITDA in the first quarter we continued our very positive business momentum that we have seen since the third quarter of fiscal year 2024,” said Michael Kliger, chief executive officer (CEO) of Mytheresa. “We have reaffirmed our leading position in a clearly consolidating sector and displayed our unique characteristic of profitable growth. We strongly believe that we will benefit significantly from the improving market conditions over the next quarters. Our strong growth with top customer, our record high AOV, our improved gross margin and the excellent customer satisfaction scores all highlight the fundamental health of our business.”
For the full fiscal year ending June 30, 2025, the company expects, GMV and net sales growth in the range of 7-13 per cent, and adjusted EBITDA margin in the range of 3-5 per cent.
Fibre2Fashion News Desk (SG)
