Mytheresa slipped deeper into the loss zone in the first quarter

The fashion retailer Mytheresa was able to increase its sales in the first quarter of the 2023/24 financial year, but had to accept a higher loss. This emerges from an interim report published by the listed parent company MYT Netherlands Parent BV on Tuesday.

In the period from July to September, the e-commerce specialist’s sales amounted to 187.8 million euros, which corresponded to growth of 6.8 percent compared to the same quarter of the previous year. Adjusted for exchange rate changes, revenue even increased by 12.0 percent. The gross merchandise value (GMV) increased by 3.1 percent (currency-adjusted +8.0 percent) to 204.1 million euros.

However, because the gross margin fell significantly, the company slipped deeper into the red despite the increase in sales. The operating deficit, which was 0.9 million euros in the same period last year, rose to 13.2 million euros. The net loss grew from 3.8 to 11.9 million euros.

In view of current developments, management now expects annual results “at the lower end” of the forecast ranges published in September. These envisage increases in sales and GMV of between eight and 13 percent as well as an EBITDA margin adjusted for special effects of three to five percent.