The fashion retailer Mytheresa was able to exceed its own sales target in the 2022/23 financial year. However, the loss was almost twice as high as in the previous year. This emerges from a current annual report that the parent company MYT Netherlands Parent BV presented on Thursday.
In the financial year ended at the end of June, group sales amounted to 768.6 million euros, exceeding the downwardly adjusted forecast in April. Compared to the previous year, revenue increased by 11.4 percent. The gross merchandise value (GMV) grew by 14.5 percent to 855.8 million euros.
However, the result was clearly below the previous year’s level. Earnings before interest, taxes, depreciation and amortization (EBITDA) adjusted for special effects fell by 40.3 percent to 41.1 million euros. The reported net loss, which was 7.9 million euros in the previous year, grew to 15.1 million euros (+91.4 percent).
Given the recent adverse conditions, CEO Michael Kliger drew a positive conclusion: “We are very satisfied with our excellent results for the entire 2023 financial year,” he said in a statement. “The double-digit growth in all regions as well as the sustained profitability set us apart, especially in the currently very difficult market environment.”
For the current 2023/24 financial year, management now forecasts GMV and net sales growth in the range of eight to 13 percent. The target corridor for the adjusted EBITDA margin, which was 5.3 percent last year, is between three and five percent.
The company explained that a “significantly stronger second half of the year” is expected compared to the first six months. It is counting on an improvement in market conditions and on “the full leverage of major infrastructure investments to boost business”.