Mytheresa, a Germany-based luxury fashion retailer, has reported a 17.8 per cent increase in gross merchandise value (GMV) to €219.8 million for the third quarter (Q3) of fiscal 2023 (FY23), up from €186.6 million in the same period last year. Net sales also experienced significant growth, rising 17.3 per cent year-over-year (YoY) to reach €198.9 million.

However, gross profit margin declined to 45.6 per cent in Q3 FY23, compared to 48.8 per cent in the prior year period, due to a notable increase in promotional intensity by competitors, the company said in a media release.

Despite the decrease in gross profit margin, Mytheresa continued to report profitability, with adjusted EBITDA of €3.2 million for Q3 FY23, representing an adjusted EBITDA margin of 1.6 per cent. For fiscal year-to-date (FYTD) 2023, the company posted an adjusted EBITDA of €33.6 million, corresponding to an adjusted EBITDA margin of 6 per cent.

In addition, Mytheresa reported positive adjusted operating income of €0.1 million and adjusted net income of €1.4 million.

“We are very satisfied with the global growth in our business producing industry-leading 18 per cent top-line expansion. Our margin has been impacted by strong promotional intensity of many competitors in Q3, but we deliver profitable growth. We remain very much focused on our strategy of best customer experience and high full-price share yielding 36.8 per cent top customer GMV growth in Q3,” said Michael Kliger, chief executive officer of Mytheresa.

Fibre2Fashion News Desk (DP)

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German fashion firm Mytheresa's GMV soars 17.8 per cent in Q3 FY23

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