Heard on the Street: For luxury brands trying to win back shoppers, secondhand sellers have become a potential nuisance https://t.co/eOtrDWizM8 ...

Financial Data and Key Metrics Changes - In Q3 of fiscal year 2024, GMV growth was at 14.7% year-over-year, achieving EUR252.2 million, with a two-year growth rate of 35.2% and a three-year growth rate of 53.1% [19][41] - Adjusted EBITDA improved significantly to EUR9.2 million compared to EUR3.2 million in Q3 of fiscal year 2023, with an adjusted EBITDA margin of 3.9% [23][49] - Gross profit increased by 12% to EUR101.6 million, with a gross profit margin of 43.4% [20][49] Business Line Data and Key Metrics Changes - The top customer base grew by 17% year-over-year, with average spending per top customer increasing by 3.3% [5][19] - Average order value reached a record high of EUR692, an increase of 8% [7][42] - Customer acquisition costs (CAC) declined by 2.8% compared to Q3 of fiscal year 2023 [7][22] Market Data and Key Metrics Changes - The US market saw exceptional growth, with net sales increasing by 44.6% in Q3, while Europe grew by 9.3% [48] - The US accounted for 22.3% of total GMV in Q3, reflecting a significant market opportunity [41] - Growth in China and Asia was negatively impacted by macroeconomic headwinds, but recovery is anticipated [13][19] Company Strategy and Development Direction - The company focuses on high-spending wardrobe-building top customers, which is a fundamental driver of success [5][12] - Mytheresa aims to become a multi-billion business with a double-digit annual growth trajectory and an adjusted EBITDA margin of at least 8% [47][54] - The company is actively evaluating opportunities to support and accelerate investments for future growth [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving fiscal year 2024 guidance, with expectations of continued double-digit growth [18][70] - The luxury market is consolidating, and Mytheresa is positioned as a clear winner in the digital luxury space [45][47] - Management noted that while the current environment is challenging, they are optimistic about medium-term growth prospects [17][54] Other Important Information - Customer satisfaction, as measured by the internal net promoter score, reached 80.6%, indicating strong customer loyalty [7] - The company successfully entered into a new multi-year revolving credit facility agreement, securing EUR75 million cash [25][72] - Inventory levels improved, with days inventory outstanding (DIO) decreasing from 310 days to 280 days [24] Q&A Session Summary Question: What was the year-over-year comparison in the US region? - The US business grew GMV by 41.6% compared to the same quarter last year, driven by top customers and ready-to-wear categories [30] Question: How would you characterize the overall health of your core luxury customer today? - The core customer base is very healthy, with strong performance driving unique growth in the quarter [65] Question: Could you speak to current inventory in the channel and its impact on the promotional landscape? - Inventory levels have improved, especially for Spring/Summer 2024, but uncertainties regarding competitive actions remain [67][68] Question: What are your expectations for the aspirational customer compared to prior quarters? - There are signs of recovery in the aspirational customer segment, but growth is primarily driven by big spenders [58] Question: How do you approach potential M&A opportunities versus organic growth? - The focus remains on organic growth, but the company is open to evaluating M&A opportunities [38][63]