Mytheresa’s recent financial performance highlights both growth in net sales and widening losses, indicating a complex business environment.
- During the first quarter of 2025, Mytheresa reported a 7.6% increase in net sales year over year, reaching €201.7m.
- Despite rising sales, the company faced a 123% increase in operating losses, totalling €30m for the quarter.
- Adjusted EBITDA returned to a positive 1.4% margin, up from a previous negative 0.6%, showing signs of operational improvement.
- The acquisition of Yoox-Net-A-Porter is set to finalise by mid-2025, indicating strategic expansion plans.
Mytheresa’s latest financial outcomes reflect a somewhat mixed performance for the quarter ending 30 September 2024. The company achieved a notable 7.6% year-over-year growth in net sales, amounting to €201.7m. This increase was supported by exclusive capsule collections with renowned luxury brands such as Loewe, The Row, and Chloé, alongside special events like the intimate gathering with designer Simone Rocha.
Operating losses for Mytheresa rose significantly by 123%, reaching €30m. This increase in losses comes despite the company’s efforts to enhance customer engagement and expand its luxury offerings, which resulted in a 9% rise in the average order value, now at €720.
There has been an improvement in the company’s profit-making capabilities. Adjusted EBITDA margins returned to positive territory, increasing to 1.4% from a negative 0.6% in the previous year. This transition marks a 200 basis points improvement, suggesting better cost management and operational efficiency.
Looking forward, Mytheresa expects its full-year EBITDA margin to rest between 3% and 5% by the end of the fiscal year on 30 June 2025. The company also forecasts a full-year sales growth of between 7% and 13%, reflecting cautious optimism in its long-term financial strategies.
Further strategic growth is evident in Mytheresa’s agreement to acquire Yoox-Net-A-Porter (YNAP) from Richemont. The transaction, valued at a cash position of €555m for a 33% stake, is projected to conclude within the first half of 2025. CEO Michael Kliger expressed confidence in the company’s growth momentum, stating that the business remains robust, with high customer satisfaction and a strong gross margin.
Mytheresa is navigating a challenging market landscape with a focus on growth and strategic acquisitions, despite current financial setbacks.
