LONDON — Mytheresa’s sales growth bounced back in the third fiscal quarter due to a growing number of big-spending customers who continue to buy luxury, despite macroeconomic turmoil.
Mytheresa said Wednesday that GMV, or gross merchandise value, of goods sold in the three months ended March 31 rose 18 percent to 219.8 million euros. Net sales rose 17 percent to 198.9 million euros.
The figures were in the middle of the range that Mytheresa had announced last month as part of a sales and profit warning for the 2023 fiscal year.
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On Wednesday, Mytheresa chief executive officer Michael Kliger said the company was “very satisfied” with the global growth in the business, and with the 18 percent top-line expansion.
He noted that gross profit margin, which was 45.6 percent in the third quarter compared with 48.8 percent in the previous quarter, was impacted by “strong promotional intensity of many competitors.” He emphasized that Mytheresa was still able to deliver profitable growth.
In the third quarter, adjusted EBITDA was 3.2 million euros, representing an adjusted EBITDA margin of 1.6 percent.
While the third quarter GMV figure was in the mid-range of Mytheresa’s forecast, it showed a resurgence in demand compared to the previous three-month period.
As reported, GMV growth in the second quarter was 7.8 percent compared with 20.8 percent in the first quarter.
Earlier this year, Kliger had said that growth was slowing overall because “aspirational” shoppers were putting the stops on spending amid the economic turbulence. By contrast, the top 3 percent of customers, which account for nearly 40 percent of Mytheresa’s sales, continue to spend.
That elite group of customers grew by 28 percent in the third quarter, according to Mytheresa. The site continues to cater to them with “high-impact” events, brand activations and “money can’t buy” experiences in Europe, the Middle East and the U.S.
On Wednesday, Mytheresa also touted a new partnership with Bucherer, the privately owned Swiss watches and jewelry retailer. Mytheresa is now offering customers certified, pre-owned watches by major luxury brands as part of its efforts to tap into the circular economy.
The deal follows a resale partnership with Vestiaire Collective.
Last month, Mytheresa said it was expecting GMV to land between 218 million euros and 221 million euros, and for net sales to fall between 196 million euros and 199 million euros.
Shares in Mytheresa closed down 3.1 percent at $4.33 on Wednesday.