Revenues and profits up at Mytheresa

Net sales rose 12.7% to €690m (£600m) during the year, while gross profit rose 23.7% to €355m (£309 million).

Adjusted EBITDA for the year was €66m (£57m), up 20.7% year-on-year. Gross profit margin increased to 51.5% from 46.9% last year.

The company said the increase in sales and profits was driven by luxury consumers shifting online, continued consolidation in the digital luxury industry and opportunities to expand global market share.

For the full year to June 30, 2023, the company expects GMV to reach €865-910m (£745-792m), representing growth of 16%-22%, and gross profit of €410-435m (£357-792m). £378 million), reflecting growth of 16% to 22%.

Net sales are expected to rise 10%-16% to €755-800m (£657-696m) next year.

Michael Kliger, Managing Director of Mytheresa, said, “Our strong financial results for fiscal 2022, as well as the fourth quarter, place us at the top of digital platform performance. We remain very confident that the high-end digital luxury sector combined with our superior business model will deliver excellent results for our investors in the years to come.

“In the fourth quarter, our GMV growth accelerated compared to Q3, we saw above-average GMV growth in the United States, where we strengthened our position as a priority shopping destination for luxury consumers. Customer engagement and retention has continued to grow, which speaks volumes to our unique positioning in attracting a high-value, multi-brand customer who appreciates our excellent service. We consider ourselves one of the few winners in the consolidating luxury e-commerce space.”

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