Mytheresa Q3 GMV up 13 percent, US market shines

German luxury retailer Mytheresa has reported double-digit GMV growth in the third quarter, with its US market performing particularly well.

In the three months to March 31, the company’s gross merchandise value (GMV) came in at 186.6 million euros, representing a 13.2 percent increase from a year ago and a 67 percent increase from two years ago.

The strongest GMV growth was reported in the US market, which was up 41.6 percent on the prior year.

Meanwhile, net sales increased by 2.9 percent year-over-year to 4.7 million euros.

Bottom line

Mytheresa reported an adjusted net income of 5.6 million euros, up from 4.5 million euros a year earlier, while its adjusted EBITDA came in at 10.2 million euros, or a 6 percent margin, down from 11.1 million euros, or a 6.8 percent margin.

CEO Michael Kliger hailed the company’s third-quarter performance in the face of “many external challenges in the third quarter”.

He added that the first weeks of the fourth quarter “fuel our confidence that Mytheresa remains the partner of choice for luxury designer brands to engage with our high-value multi-brand customers”.

For the full year ending June 30 2022, Mytheresa expects GMV in the range of 755 million euros to 775 million euros, representing growth of 23 percent to 26 percent.

It expects adjusted EBITDA margin in the range of 9 percent to 10 percent.