What: Mytheresa reported a profitable fiscal first quarter, with adjusted net income reaching EUR 5.4 million, driven by strong U.S. sales and increased spending from its top customers.

Why it is important: Amid a challenging luxury market, Mytheresa's profitability highlights the success of its focus on high-spending customers and key markets like the U.S., positioning the company for continued growth.

Mytheresa’s operations turned profitable in its fiscal first quarter, with adjusted net income reaching EUR 5.4 million, compared to a loss of EUR 3.3 million in the same period last year. Net sales grew by 7.6% to EUR 201.7 million, driven by strong performance in the U.S., which now accounts for 20% of the company’s sales. The luxury platform also saw a 9% increase in average order size, reaching an all-time high of EUR 720. CEO Michael Kliger attributed the growth to robust demand from top spenders, with their purchases growing 18% globally and 41% in the U.S. Mytheresa’s gross profit margin improved by 150 basis points to 43.9%, reflecting reduced promotional activity compared to last year. Despite a net loss of  EUR 23.5 million due to legal costs related to its upcoming acquisition of Yoox Net-a-Porter, Mytheresa remains optimistic about its future growth, particularly as it continues to expand exclusive offerings and focus on key markets.

Mytheresa hits profit in Q1 with U.S. growth and high spenders