Mytheresa prelim results indicate profitability is near as sales jump
German luxury retailer Mytheresa announced on Wednesday preliminary results for the third quarter which included net sales in the range of €196 million and €199 million, up from €169.5 million in the prior-year quarter.
The Munich-based company also expects gross merchandise value (GMV) to fall between €218 and €221 million for the three months ending March 31, compared to €186.6 million in the same quarter last year.
Adjusted EBITDA is expected to be in the range of €34 and €43 million, up from €10.2 million last year.
Coinciding with the preliminary results, the luxury multi-brand retailer updated its 2023 guidance.
For the full year ending June 30, the company now expects gross merchandise value growth of 13% to 15%, to €845 and €860 million and net sales growth of 9% to 11%, to €750 and €765 million. Adjusted EBITDA is forecast to be in the range of €34 and €43 million, said the company in its earnings update.
“Despite the near-term headwinds that we regard as transitory, we remain confident in our strategy and mid and long-term goals," said Michael Kliger, chief executive officer of Mytheresa.
"We will deliver profitable growth for the full fiscal year 2023 regardless of persisting macro headwinds and increasing promotional intensity in some geographies. This speaks to our unique positioning and resilient business model.”
Earlier in the week, Mytheresa debuted its China Designer Program, championing a new generation of Chinese fashion designers and showcasing the works of four rising talents - Susan Fang, Didu, Jacques Wei and Xu Zhi, as the retailer refocuses its efforts to grow its business in China.
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