The fashion retailer Mytheresa was able to close the second quarter of the 2023/24 financial year with a small increase in sales. At the same time, however, the company slipped deeper into the red. This emerges from an interim report published by the listed holding company MYT Netherlands Parent BV on Friday.
In the period from October to December, Mytheresa generated sales of 197.0 million euros, not least thanks to strong growth in the USA, which corresponded to an increase of 3.6 percent compared to the same quarter of the previous year. Adjusted for exchange rate changes, revenue increased by 8.3 percent. The gross merchandise value (GMV) increased by 1.5 percent (currency-adjusted +3.9 percent) to 219.1 million euros.
Due to lower margins, the company had to accept an operating loss of 4.4 million euros, after posting a positive operating result of 3.5 million euros in the same period of the previous year. The reported net loss increased from 0.5 to 5.4 million euros. Adjusted for special effects, net profit shrank by 72.2 percent to 3.1 million euros.
In the first six months of the current financial year, sales were 384.8 million euros, 5.1 percent above the corresponding previous year’s level. The reported net loss grew from 4.3 to 17.3 million euros. Management stuck to its forecasts for the full year, which were specified at the end of November.