LuxExperience BV (LUXE) 2024 Q2 法說會逐字稿

Greetings, and welcome to the Mytheresa's second quarter of fiscal 2024 earnings conference call. (Operator Instructions) Today's call is being recorded, and we have allocated one hour for prepared remarks and Q&A. It is now my pleasure to introduce your host, Martin Beer, Mytheresa's Chief Financial Officer. Thank you, sir. Please begin.

您好，歡迎參加 Mytheresa 2024 財年第二季財報電話會議。（操作員說明）今天的通話正在錄音，我們分配了一小時用於準備發言和問答。現在我很高興向您介紹主持人，Mytheresa 的財務長 Martin Beer。謝謝你，先生。請開始。

Thank you, operator, and welcome, everyone, to Mytheresa's investor conference call for the second quarter of fiscal year 2024. With me today is our CEO, Michael Kliger. Before we begin, we'd like to remind you that our discussions today will include forward-looking statements and the comments we make about expectations are forward-looking statements, and are subject to risks and uncertainties, including the risks and uncertainties described in our annual report. Many factors could cause actual results to differ materially. We are under no duty to update forward-looking statements.

謝謝業者，歡迎大家參加 Mytheresa 2024 財年第二季的投資者電話會議。今天和我在一起的是我們的執行長 Michael Kliger。在開始之前，我們想提醒您，我們今天的討論將包括前瞻性陳述，我們對預期所做的評論均為前瞻性陳述，並受到風險和不確定性的影響，包括我們的聲明中描述的風險和不確定性。年度報告。許多因素可能導致實際結果有重大差異。我們沒有義務更新前瞻性陳述。

In addition, we will refer to certain financial measures not reported in accordance with IFRS on this call. You can find reconciliations of these non-IFRS financial measures in our earnings press release, which is available on our Investor Relations website at investors.mytheresa.com. I will now turn the call over to Michael.

此外，我們將在本次電話會議中提及未根據 IFRS 報告的某些財務指標。您可以在我們的收益新聞稿中找到這些非 IFRS 財務指標的調節表，該新聞稿可在我們的投資者關係網站 Investors.mytheresa.com 上找到。我現在將把電話轉給邁克爾。

Thank you, Martin. Also from my side, a very warm welcome to all of you, and thank you for joining our call today. We will today comment on the results and performance of our second quarter of fiscal year 2024. We are pleased with our results in a challenging macro environment with positive revenue growth and positive adjusted EBITDA.

謝謝你，馬丁。我也非常熱烈地歡迎你們所有人，並感謝你們今天加入我們的電話會議。我們今天將評論 2024 財年第二季的業績和表現。我們對在充滿挑戰的宏觀環境中取得的業績感到滿意，收入正成長，調整後的 EBITDA 也為正。

In the second quarter we not only surpassed market expectations but also outperformed almost all competitors. As expected, we continue to see slow demand from aspirational customers across all geographies and a high promotional intensity in the market due to excess stock of all winter merchandise.

第二季我們不僅超越了市場預期，而且幾乎跑贏了所有競爭對手。正如預期的那樣，我們繼續看到所有地區的有志於的客戶的需求緩慢，並且由於所有冬季商品庫存過剩，市場上的促銷力度很大。

However, these macro headwinds actually allowed us to demonstrate the fundamental strength of our business model. We grew the company's top line and strengthened our bottom line. We achieved double digit revenue growth in the United States.

然而，這些宏觀逆風實際上讓我們展示了我們商業模式的基本實力。我們增加了公司的收入並增強了我們的利潤。我們在美國實現了兩位數的營收成長。

We reached a record average order value of EUR672 LTM and posted a gross profit margin of 50% in the second quarter. Our resilient business model and our clear focus on the high spending wardrobe building top customers allow us to win market share in the current market environment, and we are thus well-positioned to benefit and accelerate when market conditions will improve.

第二季我們的平均訂單價值達到創紀錄的 672 歐元 LTM，毛利率達到 50%。我們富有彈性的商業模式以及對高消費衣櫃打造頂級客戶的明確關注使我們能夠在當前的市場環境中贏得市場份額，因此我們處於有利地位，可以在市場狀況改善時受益並加速發展。

I want to highlight today three key messages to you. First, the excellent growth prospects for digital luxury has not changed at all. And if anything had become better for a player like us, coping so well with the current headwinds.

今天我想向大家強調三個關鍵訊息。首先，數位奢侈品良好的成長前景絲毫沒有改變。對於像我們這樣的球員來說，如果有什麼事情變得更好的話，那就是能夠很好地應對當前的逆風。

Second, our clear focus on big spending wardrobe building top customers enabled us to generate solid growth in the second quarter and makes us a key partner for all our brands in their own clienteling efforts.

其次，我們明確專注於打造頂級客戶的大消費衣櫃，使我們能夠在第二季度實現穩健成長，並使我們成為所有品牌在客戶服務方面的關鍵合作夥伴。

First, we continue to evolve and innovate our business model so that we are prepared for future growth and business demands, market share gains, resilient financials, best-in-class customer economics and ongoing innovation for future growth make us clearly stand out in the current market environment.

首先，我們不斷發展和創新我們的業務模式，以便為未來的成長和業務需求做好準備，市場份額的成長、有彈性的財務狀況、一流的客戶經濟以及針對未來成長的持續創新使我們在競爭中脫穎而出。當前的市場環境。

Let me now comment in more detail on these three highlighted areas from today. First, the excellent growth prospects for digital luxury have not changed at all. According to the latest Bane Altagama research study, the global luxury fashion market grew by 4% in 2023 with the online share dropping to 20% from 21% in 2022.

現在讓我更詳細地評論今天這三個突出的領域。首先，數位奢侈品良好的成長前景沒有絲毫改變。根據最新的 Bane Altagama 研究報告，全球奢華時尚市場到 2023 年將成長 4%，其中線上份額從 2022 年的 21% 下降到 20%。

However, the forecast for 2030 in the overall market, expanding by effect of 1.5 times and the online share increasing to 30% to 33% by that year. That will create a digital luxury TAM of over EUR170 billion. In the meantime, the long expected consolidation process of only the fittest surviving in the digital luxury multi-brand sector is happening and Mytheresa is one of the main winners.

然而，預計2030年整體市場規模將擴大1.5倍，屆時線上市佔率將增至30%至33%。這將創造超過 1700 億歐元的數位奢侈品 TAM。同時，人們期待已久的數位奢侈品多品牌領域優勝劣汰的整合過程正在發生，Mytheresa 是主要贏家之一。

Second, our clear focus on expanding wardrobe-building top customers enabled us to generate solid growth in the second quarter of fiscal year 2024. We grew our net sales by plus 8.3% on a constant currency basis compared to Q2 of fiscal year 2023.

其次，我們明確專注於擴大衣櫃打造頂級客戶，使我們能夠在 2024 財年第二季度實現穩健成長。與 2023 財年第二季相比，以固定匯率計算，我們的淨銷售額成長了 8.3%。

This solid growth is above market performance and above peers, which mostly shrank. It is highly noteworthy that the United States generated, again, an outstanding growth was plus 17.4% in terms of net sales compared to Q2 of fiscal year 2023.

這種穩健的成長高於市場表現，也高於大多數萎縮的同業。值得注意的是，與 2023 財年第二季相比，美國的淨銷售額再次實現了 17.4% 的出色成長。

The United States continues to be a significant growth driver for Mytheresa and the market accounted for 19.9% of total net sales in the second quarter of fiscal year 2024. Our top customer base grew by plus 15.6% compared to Q2 of fiscal year 2023.

美國仍然是 Mytheresa 的重要成長動力，該市場佔 2024 財年第二季總淨銷售額的 19.9%。與 2023 財年第二季相比，我們的頂級客戶群成長了 15.6%。

In the United States, our top customer number even increased by plus 47.6% in the second quarter. A further evidence of our focus on top customers is that our average order value increased once more by plus 5.4% to a new record high of EUR672 LTM in Q2 fiscal year 2024 compared to fiscal year 2023. Our clear focus on big spending wardrobe-building top customers makes us the highly desired partner for luxury brands in their own clienteling efforts.

在美國，第二季我們的頂級客戶數量甚至增加了 47.6%。我們對頂級客戶的關注的進一步證據是，與 2023 財年相比，2024 財年第二季度我們的平均訂單價值再次增長了 5.4%，達到 672 歐元 LTM 的新紀錄。我們明確關注高消費、打造衣櫥的頂級客戶，這使我們成為奢侈品牌在客戶服務方面非常渴望的合作夥伴。

The second quarter, so again, many high impact campaigns and exclusive product launches, demonstrating our strong relationships and the support from our brand partners. All of them further increased our brand awareness, brand equity, and positioned us globally as the leading digital luxury platform.

第二季度，同樣，許多高影響力的活動和獨家產品發布，展示了我們牢固的關係和品牌合作夥伴的支持。所有這些都進一步提高了我們的品牌知名度和品牌資產，並使我們成為全球領先的數位奢侈品平台。

We launched exclusive capsule collections with Givenchy and Victoria Beckham only available at Mytheresa. We launched exclusive spike and uprisky collections with Chloé, (inaudible), and Pucci, Fusalp. And we partnered with Loro Piana for the second time to launch the [koonetti] connection only available at Loro Piana and Mytheresa.

我們與紀梵希 (Givenchy) 和維多利亞貝克漢 (Victoria Beckham) 合作推出了僅在 Mytheresa 發售的獨家膠囊系列。我們與 Chloé（聽不清楚）、Pucci、Fusalp 合作推出了獨家尖峰系列和大膽系列。我們第二次與 Loro Piana 合作，推出了僅在 Loro Piana 和 Mytheresa 提供的 [koonetti] 連接。

One special highlight to mention is the launch of an exclusive global digital campaign in collaboration with Brunello Cucinelli featuring Robert Montgomery and Greka Bella Makena, which outperformed across all media channels. This partnership is one of the most desired luxury brands shows how relevant and beneficial such joint activations are for our customers. Please see our investor presentation for more details on our brand collaborations.

值得一提的一個特別亮點是與 Brunello Cucinelli 合作推出的獨家全球數位行銷活動，由 Robert Montgomery 和 Greka Bella Makena 主演，該行銷活動在所有媒體管道上均表現出色。這種合作關係是最受歡迎的奢侈品牌之一，表明這種聯合活動對我們的客戶來說是多麼相關和有益。請參閱我們的投資者介紹，以了解有關我們品牌合作的更多詳細資訊。

We also hosted again exclusive events for our top customers providing them with money can't buy experiences. Examples of such events in the second quarter included the celebration of the Givenchy Capsule Collection, Paris with the CEO and creative director of Givenchy present and a two-day experience in Vienna with new builds. We also hosted our top customer events in LA and New York City.

我們也再次為我們的頂級客戶舉辦了獨家活動，為他們提供金錢買不到的體驗。第二季此類活動的例子包括由紀梵希執行長兼創意總監出席的巴黎紀梵希膠囊系列慶祝活動以及在維也納為期兩天的新建築體驗活動。我們也在洛杉磯和紐約舉辦了頂級客戶活動。

Furthermore, we ran our highly successful pop-up installation in Los Angeles in December. Together with our partner Flamingo Estate, we created a life-size replica of the estate fully made out of ginger-bread, including a Mytheresa dream closet.

此外，我們於 12 月在洛杉磯舉辦了非常成功的快閃裝置。我們與我們的合作夥伴 Flamingo Estate 一起，用薑餅製作了一個真人大小的莊園複製品，其中包括一個 Mytheresa 夢想衣櫃。

The Holiday House created a truly immersive physical luxury shopping experience. We hosted over 4,000 registered visitors over the course of three weeks. The opening night, we proudly welcomed guests such as Nicky Hilton, Elijah Wood, Chrissy Teigen, and John Legend.

The Holiday House 創造了一個真正身臨其境的實體奢侈品購物體驗。在三週內，我們接待了超過 4,000 名註冊訪客。開幕當晚，我們自豪地迎來了 Nicky Hilton、Elijah Wood、Chrissy Teigen 和 John Legend 等嘉賓。

Please see our investor presentation for more details on this unique pop-up experience. Third, in the second quarter of fiscal year 2024, we also continued to drive innovation for future growth and business demands. We successfully ramped up operations in our new 55,000 square meter like distribution center, with almost 30% of all customer orders already served from there at the end of December.

請參閱我們的投資者演示，以了解有關這種獨特的快閃體驗的更多詳細資訊。第三，2024財年第二季度，我們也持續推動創新，以滿足未來的成長和業務需求。我們成功地擴大了佔地 55,000 平方米的新配送中心的運營，截至 12 月底，近 30% 的客戶訂單已從該中心送達。

Because of the direct adjacency to the international airfreight hub of DHL Express, our customers now benefit from significantly later cut-off times for international deliveries. As part of our strategic global partnership with DHL Express, we also recently signed a multiyear agreement that will provide us with access to sustainable aviation fuel staff under the GoGreen Plus service from DHL.

由於直接毗鄰 DHL Express 國際航空貨運中心，我們的客戶現在可以受益於大大延遲的國際遞送截止時間。作為我們與 DHL Express 全球戰略合作夥伴關係的一部分，我們最近還簽署了一項多年期協議，該協議將為我們提供 DHL GoGreen Plus 服務下的可持續航空燃油工作人員。

We are the largest global e-commerce platform based in Germany, investing into SAP to reduce CO2 emissions. Please see our investor presentation for more details on the SAP agreement.

我們是總部位於德國的全球最大電子商務平台，投資 SAP 減少二氧化碳排放。請參閱我們的投資者介紹，以了解有關 SAP 協議的更多詳細資訊。

Finally, I'm also very proud to announce that Mytheresa is one of the first luxury brands already present with its own app on the just launched Apple Vision Pro staying true to our strategy of taking customers on true money can buy experiences. The maintenance app will take users on an immersive digital luxury shopping experience to (inaudible) Italy and Paris, France.

最後，我還非常自豪地宣布，Mytheresa 是第一批在剛推出的 Apple Vision Pro 上推出自己的應用程式的奢侈品牌之一，這始終忠於我們為客戶提供真正有錢能買到的體驗的策略。該維護應用程式將帶用戶在（聽不清楚）義大利和法國巴黎獲得身臨其境的數位奢侈品購物體驗。

With all the above, it should come as no surprise that we are pleased with our performance in the second quarter of fiscal year 2024. We believe that our results demonstrate the strength and consistency of our business model, delivering profitable growth. We see ourselves as a clear winner in the consolidation of the luxury e-commerce space.

綜上所述，我們對 2024 財年第二季的業績感到滿意也就不足為奇了。我們相信，我們的業績證明了我們業務模式的實力和一致性，實現了獲利成長。我們認為自己是奢侈品電子商務領域整合中明顯的贏家。

We are thus also well positioned to benefit from the tremendous growth prospects when market conditions will improve. To capitalize on these prospects, we are actively evaluating opportunities to support and accelerate our investments in future business growth.

因此，當市場狀況改善時，我們也能從巨大的成長前景中受益。為了充分利用這些前景，我們正在積極評估支持和加速我們對未來業務成長的投資的機會。

This also supports our strong confidence in our medium-term growth trajectory and profitability levels, despite the short-term uncertainties in the macro environment right now.

儘管目前宏觀環境存在短期不確定性，這也支持了我們對中期成長軌跡和獲利水準的堅定信心。

And now I hand over to Martin to discuss the financial results in detail.

現在我請馬丁詳細討論財務結果。

Thank you, Michael. In line what you saw in preceding quarters, we were again pleased with our top line performance in the quarter with net sales growth of plus 8.3% at constant currency. This comes in a challenging macro environment and with persistent heavy promotions from peers.

謝謝你，麥可。與您在前幾季看到的情況一致，我們再次對本季的營收表現感到滿意，以固定匯率計算，淨銷售額成長了 8.3%。這是在充滿挑戰的宏觀環境和同儕持續大力促銷的情況下實現的。

In line with our guidance for this quarter, we achieved profitable growth with a plus 4% adjusted EBITDA margin. As January and February so far are well in line with our expectations. We continue to guide towards a solid and profitable growth at the lower end of our guide.

根據我們本季的指導，我們實現了獲利成長，調整後的 EBITDA 利潤率增加了 4%。到目前為止，一月和二月的情況完全符合我們的預期。我們持續指引低端實現穩健且獲利的成長。

In addition, we are pleased with our well executed inventory management and plus EUR19 million operating cash flow in the quarter. We ended the quarter with EUR85 million unused credit lines from our existing revolver, which we were able to increase by 50% from EUR60 million to EUR90 million to capture growth opportunities.

此外，我們對執行良好的庫存管理以及本季 1,900 萬歐元的營運現金流感到滿意。本季結束時，我們現有左輪手槍中有 8,500 萬歐元未使用的信貸額度，我們能夠將其從 6,000 萬歐元增加到 9,000 萬歐元，增加 50%，以抓住成長機會。

Now I'll review our financial results for the second quarter of fiscal year 2024 ended December 31, 2023, and we'll provide supplementary details on certain key developments that affected our performance throughout the quarter. Unless otherwise stated, all numbers refer to Euro.

現在，我將回顧截至 2023 年 12 月 31 日的 2024 財年第二季的財務業績，我們將提供影響我們整個季度業績的某些關鍵發展的補充細節。除非另有說明，否則所有數字均指歐元。

In the second quarter of fiscal year 2024, we grew GMV by 5.9% on a constant currency basis. On a nominal basis, GMV grew by 1.5% to EUR219.1 million as compared to EUR215.9 million in the prior year period. Once again, our top customer focus played an essential role in driving growth. Net sales grew by 8.3% on a constant currency basis in this quarter.

2024 財年第二季度，以固定匯率計算，我們的 GMV 成長了 5.9%。以名義計算，GMV 成長 1.5%，達到 2.191 億歐元，而去年同期為 2.159 億歐元。我們再次以客戶為中心在推動成長方面發揮了重要作用。以固定匯率計算，本季淨銷售額成長 8.3%。

On an IFRS basis, net sales increased by 3.6% to EUR197 million as compared to EUR190.1 million in the prior year period. We continue to have seven brands operating seamlessly under the CPM and our collaborative efforts with brand partners. We can offer them complete flexibility by providing both models, wholesale and CPM.

以 IFRS 計算，淨銷售額較上年同期的 1.901 億歐元成長 3.6%，達到 1.97 億歐元。我們繼續擁有七個品牌在 CPM 以及我們與品牌合作夥伴的協作下無縫運作。我們可以透過提供模型、批發和 CPM 為他們提供完全的靈活性。

From a regional perspective, we experienced a solid performance in Europe with a 55.7% share of net sales in the quarter versus 56.3% previous year. Europe in total grew by 2.4%. Impressive, continued growth in the US up 17.4%, pushed the net sales share to now 19.9% versus 17.6% in the prior year quarter.

從區域角度來看，我們在歐洲的表現穩健，本季淨銷售額為 55.7%，而去年同期為 56.3%。歐洲整體成長了2.4%。美國市場持續成長 17.4%，令人印象深刻，將淨銷售額份額推至目前的 19.9%，去年同期為 17.6%。

In rest of world, we saw overall stability with a slightly declining share from 26.1% to 24.5%, mainly due to softer demand in APAC. We expect a continuation of these trends going forward. Continued stable growth in Europe, impressive outperformance in the US and overall stability in rest of world.

在世界其他地區，我們看到整體穩定，份額略有下降，從 26.1% 降至 24.5%，這主要是由於亞太地區的需求疲軟。我們預計這些趨勢未來將持續下去。歐洲持續穩定成長，美國表現出色，世界其他地區整體穩定。

As mentioned by Michael, our average order value increased by a remarkable 5.4% to an industry-leading EUR672. And this is based on our performance of the last 12 months. So a continued trend for us in the last quarters and years.

正如 Michael 所提到的，我們的平均訂單價值顯著成長了 5.4%，達到業界領先的 672 歐元。這是基於我們過去 12 個月的表現。因此，我們在過去的幾個季度和幾年中一直保持著這種趨勢。

In absolute terms, the increase in AOV translates to an additional EUR35 per shipped order and improves our order economics. Our commitment to full price selling is also visible at gross profit level with consistently industry leading gross profit margin of around 50% in this quarter.

從絕對值來看，AOV 的增加意味著每個出貨訂單額外增加 35 歐元，並提高了我們的訂單經濟效益。我們對全價銷售的承諾也體現在毛利水準上，本季毛利率始終處於行業領先地位，約 50%。

Even though our gross profit margin continues to be affected by continuous promotional environment, the margin slippage during the second quarter narrowed as expected to 490 basis points from 740 basis points in Q1. If you consider only the operational gross margin, then the margin slippage is at 300 basis points in the quarter, down from 400 basis points in Q1.

儘管我們的毛利率繼續受到持續促銷環境的影響，但第二季的利潤率下滑幅度如預期從第一季的 740 個基點收窄至 490 個基點。如果只考慮營運毛利率，那麼本季的利潤下滑幅度為 300 個基點，低於第一季的 400 個基點。

As the operational gross margin slippage is driven by fall winter '23 overstock in the market, we expect the operational gross margin slippage to reduce further in the coming quarters in line with lower additional financial effects from inventory depreciation, CPM share, and shifts between quarters.

由於營運毛利率下滑是由 23 年秋冬市場庫存過剩造成的，我們預計未來幾季營運毛利率下滑將進一步減少，這與庫存摺舊、CPM 份額和季度間變化帶來的額外財務影響降低一致。

In total, gross profit was EUR98.3 million compared to EUR104.2 million in the prior year period. The gross profit margin in the quarter was at 49.9%, up from 42.5% in Q1, down from 54.8% in the previous year quarter.

總利潤為 9,830 萬歐元，而去年同期為 1.042 億歐元。本季毛利率為 49.9%，高於第一季的 42.5%，低於去年同期的 54.8%。

Adjusted shipping and payment costs during the three months ended December 31, increased by EUR4.2 million or 14.9% to EUR32.5 million. The increase in adjusted shipping and payment cost ratio from 13.1% to 14.8% in Q2 was mainly due to a higher share of sales in countries where we pay all the duties for our customers, such as the US and an overall growing sales presence outside Europe.

截至 12 月 31 日的三個月內，調整後的運輸和付款成本增加了 420 萬歐元，即 14.9%，達到 3,250 萬歐元。第二季調整後的運輸和支付成本比率從 13.1% 增加到 14.8%，主要是由於我們為客戶支付所有關稅的國家/地區的銷售份額較高，例如美國，以及歐洲以外地區銷售業務的整體成長。

The successfully implemented changes in our payments and customs setup will mostly offset further cost increases and therefore, we target to achieve stability in the cost ratios in the upcoming quarters. Amid the aforementioned macroeconomic conditions, our focus has remained dedicated to the acquisition of high potential customers.

我們的支付和海關設置成功實施的變化將在很大程度上抵消進一步的成本增加，因此，我們的目標是在未來幾個季度實現成本比率的穩定。在上述宏觀經濟條件下，我們的重點仍致力於獲取高潛力客戶。

Continuing the strategy from our preceding quarter, we focus our marketing efforts on the most promising new customer acquisition, and top customer retention strategies, and aligned our marketing efforts with an overall softer market sentiment.

延續上一季的策略，我們將行銷工作重點放在最有希望的新客戶獲取和頂級客戶保留策略上，並使我們的行銷工作與整體疲軟的市場情緒保持一致。

As a consequence, marketing expenses decreased by EUR5.3 million to EUR23.5 million during the second quarter. The marketing cost ratio decreased by 260 basis points to 10.7% from 13.3% in the prior year quarter.

因此，第二季行銷費用減少了 530 萬歐元，至 2,350 萬歐元。行銷成本比率從去年同期的 13.3% 下降 260 個基點至 10.7%。

Adjusted selling, general and administrative expenses grew by EUR6.2 million to EUR33.9 million during the second quarter of fiscal year 2024. The adjusted SG&A cost ratio increased by 270 basis points to 15.5% as compared to 12.8% in the prior year quarter. The search is mainly due to an increase in personnel costs for operational staff, especially at our new warehouse in Leipzig.

2024 財年第二季調整後的銷售、一般及管理費用成長 620 萬歐元，達到 3,390 萬歐元。調整後的 SG&A 成本比率增加了 270 個基點，達到 15.5%，而去年同期為 12.8%。此次搜尋主要是由於營運人員的人員成本增加，特別是在我們位於萊比錫的新倉庫。

With our continuous efforts to decrease SG&A costs, we target a decrease of the SG&A cost ratio in H2 of fiscal year '24 versus H1 of fiscal '24. In the second quarter of fiscal year 2024, we achieved profitable growth with an adjusted EBITDA margin of 4.0% at EUR7.9 million.

隨著我們持續努力降低 SG&A 成本，我們的目標是降低 24 財年下半年的 SG&A 成本比率，較 24 財年上半年下降。2024 財年第二季度，我們實現了獲利成長，調整後 EBITDA 利潤率為 4.0%，達到 790 萬歐元。

This comes despite a continuously challenging macroeconomic environment and is above market expectations. It again shows the resilience of our business model and our successful focus and the sweet spot of high end luxury.

儘管宏觀經濟環境持續充滿挑戰，但此結果仍高於市場預期。它再次顯示了我們商業模式的彈性、我們成功的重點以及高端奢侈品的最佳點。

Depreciation and amortization expenses increased only modestly during the second quarter by EUR1 million from EUR2.8 million or 1.3% of GMV to 3.8 million or 1.8% of GMV, driven by a right of use assets depreciation related to the new warehouse at Leipzig.

由於與萊比錫新倉庫相關的使用權資產折舊，第二季折舊和攤提費用僅小幅增加 100 萬歐元，從 280 萬歐元（佔 GMV 的 1.3%）增至 380 萬歐元（佔 GMV 的 1.8%）。

For Q2 of fiscal year 2024 profitability is also demonstrated on an adjusted operating income or adjusted EBIT as well as adjusted net income level. Adjusted EBIT during the quarter was at $4.1 million and an adjusted EBIT margin of 2.1%. Adjusted net income stood at $3.1 million with an adjusted net income margin of 1.5%.

2024 財年第二季的獲利能力也反映在調整後的營業收入或調整後的息稅前利潤以及調整後的淨利潤水準。本季調整後息稅前利潤為 410 萬美元，調整後息稅前利潤率為 2.1%。調整後淨利為 310 萬美元，調整後淨利率為 1.5%。

Let's take a look at the cash flow statement. In Q2 of fiscal year '24, we had a positive operating cash flow of EUR18.5 million. This compares to a negative EUR27.1 million operating cash flow in the preceding year quarter.

我們來看看現金流量表。在 24 財年第二季度，我們的營運現金流為 1,850 萬歐元。相比之下，去年同期營運現金流為負 2,710 萬歐元。

The increase in cash flow was anticipated and was mostly due to reduced inventory order volume at targeted levels of trade payables. CapEx or investing cash flow in the quarter was only at EUR1.4 million as the CapEx for the new warehouse in Leipzig will come to an end in this fiscal year.

現金流的增加是預期的，主要是由於庫存訂單量在目標貿易應付款項水準上減少。由於萊比錫新倉庫的資本支出將於本財年結束，本季的資本支出或投資現金流僅為 140 萬歐元。

Looking ahead to fiscal '25 and beyond, we expect CapEx to stay below 1% of GMV, in line with our targeted performance in our business model. We continue to successfully execute our inventory management. We gradually reduced our inventory growth levels from plus 56.5% in June '23 to 44.4% in September '23 and now plus 33.1% year over year growth in December '23.

展望 25 財年及以後，我們預期資本支出將維持在 GMV 的 1% 以下，這符合我們商業模式的目標績效。我們繼續成功地執行我們的庫存管理。我們逐漸將庫存成長水準從 2023 年 6 月的 56.5% 降低到 23 年 9 月的 44.4%，現在 23 年 12 月的年增率為 33.1%。

If you would net out the effects from early deliveries of spring-summer '24 compared to previous year, growth is at plus 21% end of January 2024. And we are seeing a continuation of the decrease also in February. At the end of January 2024, days inventory outstanding were at 278 days, net of this effect and compared to 317 days end of June 2023.

若扣除 24 年春夏提前交屋的影響，到 2024 年 1 月末，成長率將達到 21% 以上。我們也看到二月的下降仍在繼續。截至 2024 年 1 月底，扣除此影響後，庫存未清天數為 278 天，而 2023 年 6 月底為 317 天。

We expect to achieve our targeted 260 days inventory outstanding by the end of fiscal year '25. This inventory level and strategic path on inventory management is in line with our luxury positioning and successful inventory strategy over the last five years with superior gross profit margins achieved.

我們預計到 25 財年末將達到 260 天庫存未清償的目標。這條庫存水準和庫存管理策略路徑符合我們的奢侈品定位和過去五年成功的庫存策略，並實現了卓越的毛利率。

Given our plus EUR18.5 million positive operating cash flow, we only had a very small utilization of our revolving credit facilities of EUR4.9 million end of December '23. We nevertheless increased the revolving credit facilities by 50% from EUR60 million to EUR90 million to capture additional growth opportunities.

鑑於我們超過 1850 萬歐元的正經營現金流，截至 2023 年 12 月末，我們僅使用了 490 萬歐元的循環信貸額度。儘管如此，我們還是將循環信貸額度增加了 50%，從 6,000 萬歐元增加到 9,000 萬歐元，以抓住額外的成長機會。

With the utilization of only EUR4.9 million end of December, the non-utilized part amounted to EUR85.1 million of borrowing capacity, or in other words, over 94% unused borrowing capacity. We are in discussions with our primary banks about replacing our revolving credit facilities with a syndicated loan facility with a longer term.

截至12月底，僅使用了490萬歐元，未使用部分的借款能力為8,510萬歐元，換句話說，未使用的借款能力超過94%。我們正在與我們的主要銀行討論用期限較長的銀團貸款便利取代我們的循環信貸便利。

We believe the new credit facility will be in place in the next couple of months and that it will give us even more flexibility. Remember that besides the revolving credit facilities, we do not have any other bank debt and with an equity ratio of 61% a strong balance sheet.

我們相信新的信貸安排將在未來幾個月內到位，這將為我們帶來更大的靈活性。請記住，除了循環信貸額度外，我們沒有其他銀行債務，我們的股本比率為 61%，資產負債表穩健。

With all of the above, it comes as no surprise that we are very confident with our strategic positioning. We have implemented appropriate measures to align with market dynamics and steer the company towards profitability in the midst of a visibly challenging and consolidating environment.

綜上所述，我們對自己的策略定位充滿信心也就不足為奇了。我們採取了適當的措施來適應市場動態，並引導公司在明顯充滿挑戰和整合的環境中獲利。

The performance during the first weeks of our third quarter is encouraging and instills confidence in us that our assumption of a slowing promotional environment in H2 of our fiscal year is to leading to improvements in the top and bottom line.

我們第三季前幾週的表現令人鼓舞，並給我們注入了信心，我們對本財年下半年促銷環境放緩的假設將導致營收和利潤的改善。

We therefore, again confirm our guidance for the full fiscal year 2024 at the lower end of the guided ranges of GMV and net sales growth between 8% to 13%. Gross profit growth between 8% to 13% and an adjusted EBITDA margin between 3% and 5%.

因此，我們再次確認 2024 年整個財年的 GMV 和淨銷售額成長指引範圍的下限為 8% 至 13%。毛利成長在 8% 至 13% 之間，調整後 EBITDA 利潤率在 3% 至 5% 之間。

We remain very confident in the medium and long-term outlook for our business. We are gaining market share and have completed two major infrastructure milestones. We will thus benefit more quickly and over proportionately when the luxury market recovers from the current economic challenges.

我們對業務的中長期前景仍充滿信心。我們正在贏得市場份額，並完成了兩個主要的基礎設施里程碑。因此，當奢侈品市場從當前的經濟挑戰中復甦時，我們將更快、更成比例地受益。

Our market position is getting stronger every month. Our medium targets remain at the level that we have always guided, double digit growth rates at a high single-digit profitability level.

我們的市場地位每個月都在增強。我們的中期目標保持在我們一直指導的水平，即在高個位數盈利水平的情況下實現兩位數增長率。

And with this, I will now turn the call back over to Michael for his concluding remarks.

現在，我將把電話轉回給邁克爾，讓他作總結發言。

Thank you, Martin. We are pleased with our second quarter of fiscal year 2024 earnings results. We are very pleased to see ourselves well positioned to achieve our fiscal year 2024 guided targets based on the first weeks of trading of the third quarter as just mentioned.

謝謝你，馬丁。我們對 2024 財年第二季的獲利結果感到滿意。我們很高興看到自己處於有利位置，能夠根據剛才提到的第三季前幾週的交易實現 2024 財年指導目標。

We are extremely pleased with the medium-term outlook for the company, given the very positive projections for the digital luxury sector and our competitive strengths versus most other players. We believe that Mytheresa offers the best digital luxury shopping experience for big spending consumers and true luxury brands.

鑑於對數位奢侈品行業的非常積極的預測以及我們相對於大多數其他參與者的競爭優勢，我們對該公司的中期前景感到非常滿意。我們相信 Mytheresa 可以為高消費消費者和真正的奢侈品牌提供最佳的數位奢侈品購物體驗。

And with that, I ask the operator to open the line for your questions.

然後，我請接線生接通您的問題電話。

Thank you, Michael. (Operator Instructions)

謝謝你，麥可。（操作員說明）

Matthew Boss, JP Morgan.

馬修‧博斯，摩根大通。

Great. Thank you. It's Amanda Douglas on for Matt. So Michael, could you elaborate on sales trends post holidays that you are seeing in the US and Europe and then just speak to offenses moves you are making to capture market share just given the online luxury industry consolidation we've seen thus far.

偉大的。謝謝。阿曼達·道格拉斯 (Amanda Douglas) 替補馬特 (Matt)。邁克爾，您能否詳細說明一下您在美國和歐洲看到的假期後的銷售趨勢，然後談談您為奪取市場份額而採取的進攻舉措，因為我們迄今為止看到了在線奢侈品行業的整合。

Thank you, Amanda. Of course, sure. So the general trend, of course, is globally the slowdown at the aspirational customer that we saw in '23. However, we see continued strength in the US market, a stabilization in Europe, and we even see in the US market, the first signs of a pickup among the aspirational customers.

謝謝你，阿曼達。當然，當然。因此，當然，整體趨勢是我們在 23 年看到的全球有抱負的客戶成長放緩。然而，我們看到美國市場持續走強，歐洲市場趨於穩定，我們甚至在美國市場看到了有抱負的客戶回升的初步跡象。

Of course, this is early stage and can be attributed to a much better sentiment in regard to economic outlook, which always has the risk to change but as mentioned by Martin, we are very confident with our guidance based on a further acceleration of the already strong performance in Q2.

當然，這還處於早期階段，可以歸因於對經濟前景的信心好得多，經濟前景總是存在變化的風險，但正如馬丁所提到的，我們對基於已經進一步加速的指導非常有信心。第二季表現強勁。

The sales trend in Q2 is, of course, always influenced by the holiday season. We had a long stretch Q4, almost a full working week before the holidays, but what we also saw that the momentum continued into January, which is not always the case.

當然，第二季的銷售趨勢總是受到假期的影響。我們經歷了很長的第四季度，假期前幾乎整整一個工作週，但我們也看到這種勢頭持續到一月份，但情況並非總是如此。

One interesting trend we saw was that we believe there will be more US customers this year spending domestically, not going over to Europe, based on the pattern of vacation where, and resort where they were buying already in January.

我們看到的一個有趣的趨勢是，根據他們一月份購買的度假地點和度假村的模式，我們相信今年會有更多的美國客戶在國內消費，而不是去歐洲。

And thus the main outlook is strong US market, even a slight recovery there on the aspirational customer, continued strength globally of the big spenders everywhere. Most uncertain region remains Asia was sometimes a very good sign, sometimes mediocre signs so hard to read.

因此，主要前景是美國市場強勁，即使有抱負的客戶略有復甦，全球各地的大消費者的持續強勢。最不確定的地區仍然是亞洲，有時是一個非常好的跡象，有時是平庸的跡象，難以解讀。

That's great. And then just to follow-up for Martin, help us to think about the timeline from here to see inventory levels more aligned with GMV growth. And just your confidence in achieving greater full-price selling share in the second half of the fiscal year.

那太棒了。然後，馬丁的後續行動，幫助我們思考從這裡開始的時間表，以查看庫存水準與 GMV 成長更加一致。您對在本財年下半年實現更大的全價銷售份額充滿信心。

Yeah and I'm happy to talk about that. Despite in addition to the growth rates, the nominal growth rates of the inventory we always look at days inventory outstanding. And as I called out the days inventory outstanding a strongly decreased from a high of 317 days typical for our industry but still high end of June to now end of January, especially if you take into consideration the other deliveries effect of spring-summer '24 to 278 days.

是的，我很高興談論這個。儘管除了成長率之外，我們也總是關注庫存的名目成長率。正如我所指出的，未清庫存天數從我們行業典型的 317 天高點大幅下降，但仍然是 6 月底到 1 月底的高點，特別是如果您考慮到 24 年春夏季的其他交貨影響至278天。

And the 278 days you have to relate to the 260 days that is our targeted level because with the 260 days we have achieved on average over the last five years. And with that level we are always able to have a consistent strong gross profit margin level.

您必須將 278 天與我們的目標水準 260 天聯繫起來，因為我們在過去五年中平均實現了 260 天。有了這個水平，我們始終能夠擁有持續強勁的毛利率水平。

And as I called out, obviously, there are shifts between quarters and we have targeted to achieve the 260 days end of fiscal year '25 that it all depends on how the situation will evolve, especially seeing competitors, competitive behavior. But we're really confident on achieving that level at the latest in fiscal year '25, maybe earlier.

正如我所指出的，顯然，季度之間存在變化，我們的目標是在 25 財年結束時實現 260 天的目標，這一切都取決於情況將如何發展，特別是競爭對手的競爭行為。但我們確實有信心最遲在 25 財年（甚至更早）達到這個水準。

And that implies that inventory levels are will decrease in line with GMV in the next quarters and then come back to the normal level, normalized levels of 260 days and then will increase with GMV on going forward on those on each quarter.

這意味著庫存水準將隨著接下來幾季的 GMV 下降，然後回到正常水平，260 天的標準化水平，然後每季隨著 GMV 的增加而增加。

Yes. And then the second big topic on this inventory management and looking at industry trends is, of course, our full price share. And as Michael called out and as we always emphasize, we focus on selling at full price. This is in line with our high end positioning with our top customer focus with our ready-to-wear focus.

是的。關於庫存管理和行業趨勢的第二個大話題當然是我們的全價份額。正如邁克爾所呼籲的以及我們一直強調的那樣，我們專注於全價銷售。這符合我們的高端定位、我們以頂級客戶為中心和我們以成衣為重點。

And so we stay true even in the last quarters from this focus of strong full price. And the lower gross profit margin as called out in the last two quarters, so Q1 and Q2 of our fiscal year was driven by excess inventory in the market fall-winter '23.

因此，即使在最後幾個季度，我們仍然堅持以強勁的全價為重點。正如過去兩個季度所指出的，毛利率較低，因此我們財年的第一季和第二季是由 23 年秋冬市場庫存過剩推動的。

And now with spring-summer '24, and we see confirmation of that in the early sales of the spring-summer '24 season, we expect a much lower level of excess inventory in the market and therefore, a much lower level of promotional intensity in line with ordering volume of spring-summer '24 in the industry.

現在，隨著 24 年春夏的到來，我們在 24 年春夏的早期銷售中看到了這一點，我們預計市場上的過剩庫存水平會低得多，因此促銷強度也會低得多與行業24年春夏訂單量一致。

And so we expect a decrease of the operating gross margin slippage further on in H2 of fiscal year '24 and therefore an improvement of the situation that we have been seeing in the last six months.

因此，我們預計 24 財年下半年的營業毛利率下滑將進一步減少，使我們在過去六個月中看到的情況有所改善。

That's great color. Thank you.

那顏色真棒。謝謝。

Oliver Chen, TD Cowen.

奧利佛·陳，TD·考恩。

Thanks a lot. Good morning, Michael and Martin. The margins this quarter were better than we expected. What's leading to guidance at the low end of your previously issued guidance and what drove some upside this quarter and margins?

多謝。早上好，麥可和馬丁。本季的利潤率好於我們的預期。是什麼導致指引低於先前發布的指引的低端？是什麼推動了本季和利潤率的上漲？

And Michael, what's underlying your thoughts on the US customer, aspirational customer seeing some positive glimmers and why do you have conviction that the luxury market could be recovering?

邁克爾，您對美國客戶的看法是什麼？有抱負的客戶看到了一些積極的曙光，為什麼您相信奢侈品市場可能正在復甦？

Martin, another one on your guidance, what's the bottom line? Are you saying that inventories will be a source of cash and also your guidance, what does it imply for operating cash flow for the full year. Thank you.

馬丁，您的另一份指導，底線是什麼？您是說庫存將成為現金來源，也是您的指導，這對全年經營現金流意味著什麼？謝謝。

Thank you, Oliver. I will hand over then to Martin for the guidance, but let me talk about the US and the customer view and my confidence in recovery. First of all, we are very comfortable with this calendar year on the basis of the strength of the top spending customers.

謝謝你，奧利佛。然後我將把指導交給馬丁，但讓我談談美國和客戶的看法以及我對復甦的信心。首先，根據頂級消費客戶的實力，我們對今年感到非常滿意。

We continue to drive our strong numbers with that segment, again, we grew 16% overall, we grew with more than 47% our count in the US, and we don't see a sign of weakness in there. And so with that segment spending, with that segment having its high loyalty to our curated offer, we already are very strong position and are in a position to deliver our guidance.

我們繼續推動該細分市場的強勁成長，我們的整體成長了 16%，我們在美國的成長超過 47%，而且我們沒有看到該領域疲軟的跡象。因此，透過該細分市場的支出，由於該細分市場對我們策劃的產品具有很高的忠誠度，我們已經處於非常有利的地位，並且能夠提供我們的指導。

See as you rightly put the first glimmer of aspirational customers kicking in is even on top of that. And we don't see it globally yet. We saw it in the US, we saw in Q2, which is, of course, very important for aspirational customers that occasionally buy. And that is, of course, very important in the accessory sector and bags and charms.

看到你正確地將第一道有抱負的客戶加入進來甚至是最重要的。我們還沒有在全球範圍內看到這種情況。我們在美國看到了這一點，我們在第二季度看到了這一點，這對於偶爾購買的有抱負的客戶來說當然非常重要。當然，這對於配件、包包和飾品領域都非常重要。

And there is, of course, a scenario that that will continue with potentially financial easing in the US coming. That's a bit of speculation. But we know that interest rates have a tremendous influence of consumer spending in the US far more than in other geographies where interest rates don't drive directly consumer spending.

當然，隨著美國可能推出金融寬鬆政策，這種情況將會持續下去。這有點猜測。但我們知道，利率對美國消費者支出的巨大影響遠遠超過利率不直接推動消費者支出的其他地區。

So that's where the glimmer of hope exists but I want to stress our outlook for H2 is really based on the strengths in the top customer segment, which we have delivered quarter after quarter. And then hand over to Martin on your cash and guidance questions.

因此，這就是存在一線希望的地方，但我想強調，我們對下半年的展望實際上是基於我們每個季度都交付的頂級客戶群的優勢。然後將您的現金和指導問題交給馬丁。

Yeah, thanks, Oliver. Good talking to you. I mean, as you know, our ultimate goal and target and expectation is the profitable growth, to continue the profitable growth also for the full fiscal year.

是的，謝謝，奧利佛。很高興跟你說話。我的意思是，如您所知，我們的最終目標和期望是獲利成長，並在整個財年繼續獲利成長。

And remember, last quarter we were breakeven. So for us the return to profitable growth is a very good step into that direction. And look, obviously, we want to continue that step and expect and also see that coming.

請記住，上個季度我們實現了盈虧平衡。因此，對我們來說，恢復獲利成長是朝著這個方向邁出的非常好的一步。顯然，我們希望繼續這一步驟，並期待並看到這一點的到來。

So the guidance incorporates this expectation of profitable growth. And we always also last quarter we guided on the lower end of the guided ranges. And given the uncertainty in the market, we can also seeing the trend in January, February, we wanted to stay true and confirmed our guidance at the lower end of those ranges.

因此，該指導意見納入了獲利成長的預期。上個季度我們總是在指導範圍的下限進行指導。考慮到市場的不確定性，我們還可以看到一月、二月的趨勢，我們希望保持真實並確認我們在這些範圍下限的指導。

And yeah, calling out on the inventory situation. Yes, I mean we as we want to decrease our days inventory outstanding, that implies that we are returning to more normalized levels of inventory. Obviously, this inventory is all paid for. So as we sell, having increasing share of those inventories all down, we expect a positive cash contributing from this return to the [DIOs] and you saw some of it in Q2.

是的，呼籲庫存情況。是的，我的意思是我們希望減少庫存天數，這意味著我們正在恢復到更正常的庫存水準。顯然，這個庫存已經全部付清了。因此，當我們出售時，隨著這些庫存的份額不斷下降，我們預計 [DIO] 的回報將帶來積極的現金貢獻，你在第二季度看到了其中的一些。

Obviously, that level cannot be now taken as a blueprint for all the coming quarters, but it was a very significant step. This will continue and the overall cash flow perspective for the full year looks solid.

顯然，現在不能將這一水平作為未來所有季度的藍圖，但這是非常重要的一步。這種情況將持續下去，全年的整體現金流前景看起來很穩定。

We don't give a cash flow guidance for the full fiscal year, but we are very comfortable with our reducing in inventory, the positive cash effects from that. And obviously the finance setup, as I called out, that we have a minimal utilization of the existing revolver of some EUR5 million in end of December, and we increased the revolving facilities from EUR60 million to EUR90 million by 50%. So that is also a good situation.

我們沒有給出整個財年的現金流指引，但我們對庫存的減少以及由此帶來的正面現金影響感到非常滿意。顯然，正如我所指出的，財務設置到 12 月底我們對現有循環設施的最低利用率約為 500 萬歐元，並且我們將循環設施從 6000 萬歐元增加到 9000 萬歐元，增加了 50%。所以這也是一個很好的情況。

So continued decrease in inventory levels coming down that has a positive cash effect, as you rightfully called out. And we increased the revolver to capture growth opportunities to see how we can increase our market share going forward and the special situation. So we're really comfortable on the cash and on the inventory side.

因此，正如您正確指出的那樣，庫存水準的持續下降會產生積極的現金效應。我們增加了左輪手槍以抓住成長機會，看看我們如何增加我們未來的市場份額和特殊情況。因此，我們對現金和庫存方面非常滿意。

Okay, thank you. And one follow up on the landscape continues to be volatile and competitors such as Farfetch and [Nanaforte] are promotional and going through a lot. What's the nature of your overlap and these can be uncontrollable factors in terms of how the competitors behave? What do you have confidence given that what we're seeing and aspirational inventories could still be too high at several players that sell similar brands?

好的謝謝。後續的情況仍然不穩定，Farfetch 和 [Nanaforte] 等競爭對手正在促銷並經歷了很多事情。您的重疊的性質是什麼？就競爭對手的行為而言，這些可能是不可控的因素？考慮到我們所看到的以及銷售類似品牌的幾家廠商的理想庫存可能仍然過高，您有什麼信心？

I mean, to what you describe as the competitive environment is absolutely fair description. There is lot of disruption. There's a lot of uncertainty, and there is other multi-brand players we have, of course, significant customer overlap.

我的意思是，對於你所描述的競爭環境來說，這是絕對公平的描述。有很多幹擾。存在著許多不確定性，而且我們還有其他多品牌參與者，當然，客戶重疊也很大。

However, what is very important is that we feel strongly believe that what happened over the last couple of months clearly indicates and supports our strategy. Focus on the big spenders, be very restrictive on promotions, be very restrictive on markdowns, focus on full price, that in the medium and particularly long run gets you the better customer cohorts, gets you the loyal customer towards the ones that we purchase.

然而，非常重要的是，我們堅信過去幾個月發生的事情清楚地表明並支持了我們的策略。關注大消費者，嚴格限制促銷，嚴格限制降價，專注於全價，從中期和特別是長期來看，這會讓您擁有更好的客戶群，讓您成為我們購買的忠實客戶。

And so while I can see scenarios that disruptions that other players may cause continued negative situations and markdowns and promos. I actually believe with what we have seen last year, starting in September, October, November, with two significant players struggling, I mean that is exactly the timeframe of which we just reported strong financial numbers.

因此，雖然我可以看到其他玩家的干擾可能會導致持續的負面情況以及降價和促銷的情況。我實際上相信去年我們所看到的情況，從九月、十月、十一月開始，兩個重要的參與者都在苦苦掙扎，我的意思是，這正是我們剛剛報告的強勁財務數據的時間範圍。

So we feel very well positioned even if there's a scenario where some other players continue to struggle and continue to operate for short term cash yields. But the outcome is clear. We saw the outcome for some of these players. And therefore, that strategy, it's not ours. And we feel that strategy is shortsighted.

因此，即使其他一些參與者繼續苦苦掙扎並繼續追求短期現金收益，我們也感覺自己處於有利地位。但結果是顯而易見的。我們看到了其中一些玩家的結果。因此，該策略不是我們的。我們認為這種策略是短視的。

Thank you. Best regards.

謝謝。此致。

Thank you, Oliver.

謝謝你，奧利佛。

Abhinav Sinha, Société Générale.

Abhinav Sinha，法國興業銀行。

Yeah, hi. A couple of questions from my end. So one is on the top line. Now given that we are already at 5% growth for 1H in order to achieve your target of around 8% growth, you need the 9% to 10% sales growth in the second half, which is, you know, I mean, which is coming on a base of 15% to 16% last year.

是的，嗨。我最後提出幾個問題。因此，其中一個位於最上方。現在考慮到我們已經在 1H 實現 5% 的成長，以實現您 8% 左右成長的目標，您需要在下半年實現 9% 到 10% 的銷售成長，我的意思是，這就是去年15% 至16 % 為基礎。

So when you say that the January and February are in line with your expectation, are like implying that you are seeing high-single to low-double digit, say our GMV, our sales growth. So that's first question.

因此，當您說 1 月和 2 月符合您的預期時，就像暗示您看到高個位數到低兩位數，例如我們的 GMV、我們的銷售成長。這是第一個問題。

Second is on the gross margin, could you throw some color? I mean, from what I understand is most likely in this quarter too, the CPM brands would have underperformed, given what carrying as reported and things like that. So any color on how the 1P margin was year over year. And Yeah so on that, thank you.

其次是毛利率，可以透露一下嗎？我的意思是，據我了解，考慮到所報告的內容以及類似的情況，CPM 品牌在本季度也很可能表現不佳。那麼關於 1P 利潤率同比情況的任何顏色。是的，等等，謝謝。

Thank you very much. I will defer to the margin question two to Martin. On your first question, you have -- you're in full control of your mathematics, so absolutely true. The H2 implies an acceleration of top line growth to achieve the guided ranges at the low end and our statements that at least the first couple of weeks confirm our confidence that we will achieve our guidance implies exactly what you just stated. So I can confirm your calculations, Abhinav.

非常感謝。我將把第二個問題交給馬丁。關於你的第一個問題，你完全控制了你的數學，所以絕對正確。H2 意味著收入成長加速，以實現低端指導範圍，而我們至少在前幾週的聲明證實了我們對實現指導的信心，這正是您剛才所說的。所以我可以確認你的計算，Abhinav。

I'll ask Martin say.

我會問馬丁說。

Yeah, on the gross margin have enough, I'm happy to help you. I called out the operational gross margin, and this is then referring to the non-CPM part. And there we saw the decline in the operating margin slippage of 300 basis points.

是的，毛利率已經足夠了，我很樂意幫助你。我指出了營運毛利率，這指的是非 CPM 部分。我們看到營業利益率下滑了 300 個基點。

And you're completely right that a lower CPM share and also given the weakness that you called out with the brands in the overall market has an effect of the in our numerical mathematical calculation of the gross profit margin in relation to net sales as the CPM gross profit margin is 100%.

您完全正確，較低的每千次曝光費用份額以及您指出的整個市場中品牌的弱點，會影響我們對毛利率相對於淨銷售額的數學計算，即每千次展示費用毛利率為100% 。

It's the gross profit is the commission, which is then basically the same number as in the net sales. And if that share decreases, then we have a decreasing effect. And that effect is about 50 to 60 basis points in the gross profit margin slippage. And that is the attack that into the financial effects of the gross profit margin development, apart from the 300 basis points.

毛利就是佣金，基本上與淨銷售額相同。如果該份額減少，那麼我們的影響就會減弱。這種影響導致毛利率下滑約 50 至 60 個基點。除了 300 個基點之外，這就是對毛利率發展的財務影響的攻擊。

Operating margin slippage to as one part of the more financial effects that you see and it's also easy to insulate those effects if you relate the absolute gross profit to the GMV number. And then you can come also to a 340 basis points decrease, which is then with shifts between quarters and other financial effects more in line with what you are calling out independent of [book] whether brand as a wholesale or CPM on the overall gross profit performance.

營業利潤下滑是您看到的更多財務影響的一部分，如果您將絕對毛利與 GMV 數字聯繫起來，也很容易隔離這些影響。然後您還可以減少 340 個基點，這與季度之間的變化和其他財務影響更符合您所呼籲的獨立於[書籍]無論是批發品牌還是 CPM 對整體毛利的影響表現。

Got it. And I mean the remaining I mean, the remaining you said that 300 basis points came from the operations and 50 to 60 basis point was the impact due to the CPM. So the rest mostly I mean it came from like other technical factors of what were they like?

知道了。我的意思是剩下的，你說剩下的 300 個基點來自運營，50 到 60 個基點是 CPM 的影響。所以剩下的主要是我的意思是它來自於其他技術因素，例如它們是什麼樣的？

Exactly. I mean, the overall message is that the operating gross margin slippage is going down from 400 basis points to 300 basis points. The overall gross profit margin slippage was going down from 740 basis points to 490 basis points. And therefore, the remainder, it's 190 basis points of other effects, a 50, 60 basis points of CPM share, 90 basis points of overall inventory topics, special write-downs, and then there's also around 50 basis points of shift between quarters.

確切地。我的意思是，整體訊息是營業毛利率下滑從 400 個基點下降到 300 個基點。整體毛利率下滑從 740 個基點下降至 490 個基點。因此，剩下的就是 190 個基點的其他影響、50、60 個基點的 CPM 份額、90 個基點的整體庫存主題、特殊減記，然後季度之間還有大約 50 個基點的轉變。

And in line with the reduction of the operating costs, product margin slippage, also those financial effects are expected to reduce. And so that the core message in all of this very complicated technicalities is that we expect that the gross profit margin reduction will get lower, will improve given the spring-summer '24 situation, given our strong position in the market and giving our top customer focus.

隨著營運成本的降低，產品利潤下滑，這些財務影響也預計會減少。因此，所有這些非常複雜的技術問題的核心訊息是，考慮到我們在市場上的強勢地位以及給我們的頂級客戶帶來的影響，考慮到24 年春夏季的情況，我們預計毛利率下降幅度將會更低，並將有所改善。重點。

So we will obviously see that and expect that to happen in the next quarter and an improvement in this gross profit situation.

因此，我們顯然會看到這一點，並預計這會在下個季度發生，並且毛利狀況會有所改善。

Got it, very clear. Thanks for providing the detailed color. Thank you.

明白了，非常清楚。感謝您提供詳細的顏色。謝謝。

Kunal Madhukar, UBS.

庫納爾馬杜卡，瑞銀。

Thanks for taking my questions. I guess this is all about the guide and how strongly or how strongly confident you are about? In terms of gross margin guide, when we look at gross margins, we're talking about continued slippage in the remainder of the fiscal year.

感謝您回答我的問題。我想這完全取決於指南以及您的信心有多強或有多強？就毛利率指引而言，當我們考慮毛利率時，我們談論的是本財年剩餘時間的持續下滑。

Just want to understand. Your gross profit margin in fiscal 3Q '23 was 45.6%. So if your gross margin is going to continue to slip on a year over year basis in fiscal 3Q '24, then your gross margins would be much lower than the high to high, high 40s but you need to be able to hit the 8% to 13% growth target.

只是想了解一下。2023 年第三財季的毛利率為 45.6%。因此，如果您的毛利率在 2024 年第三季繼續同比下滑，那麼您的毛利率將遠低於 40 多歲的水平，但您需要能夠達到 8%至13%的成長目標。

So one has understand, how much of a slippage should we be expecting here and whether the 8% to 13% of gross profit is still viable?

那我們應該明白，我們應該預期滑點有多大，8% 到 13% 的毛利是否仍然可行？

And then on shifting to the balance sheet, a couple of things. One is I don't see the EUR5 million liabilities to banks, I see EUR1.4 million. So where is the remaining EUR3.6 million liabilities to banks are on the balance sheet. And then I also see trade and other payables as well as other liabilities being significantly higher than 1Q levels. Can you give me talk about what is driving that? Thank you.

然後轉向資產負債表，有幾件事。一是我沒有看到對銀行的 500 萬歐元負債，而是 140 萬歐元。那麼，資產負債表上剩餘的 360 萬歐元銀行負債在哪裡呢？然後我還看到貿易和其他應付款項以及其他負債顯著高於第一季的水平。你能告訴我是什麼推動了這一點嗎？謝謝。

Kunal, happy to talk on those specifics, now happy to do this. So the utilization of the revolver, you're completely right, you called that out EUR1.9 million and the rest are guarantees. It's basically a utilization of the revolver with rental contract guarantees. So it goes against the revolver, but obviously, it's not cannot cash driven and that's why it's not on the balance sheet.

Kunal，很高興談論這些細節，現在很高興這樣做。因此，左輪手槍的使用，你是完全正確的，你提出了 190 萬歐元，其餘的都是保證金。這基本上是使用具有租賃合約保證的左輪手槍。所以它與左輪手槍背道而馳，但顯然，它不是不能由現金驅動，這就是為什麼它不在資產負債表上。

Second, on the trade payables increase, you'll also already saw that as always very quick and rightfully so. But it is also in line with the growth of the inventory levels. So right now, trade payables are 25% of the overall inventory position that we have.

其次，在貿易應付帳款的增加方面，您也已經看到，這種情況一如既往地非常快且理所當然。但這也與庫存水準的成長相符。因此，目前，貿易應付帳款占我們整體庫存部位的 25%。

And as I called out in the call just now, we obviously target a certain level of trade payables in relation to inventory and with 25% of trade payables in relation to the overall inventory position, it's a good ratio. We feel very comfortable with that looking at payment terms with the brands.

正如我剛才在電話中指出的那樣，我們顯然將與庫存相關的貿易應付帳款設定為一定水平，貿易應付帳款佔總庫存頭寸的比例為 25%，這是一個很好的比率。我們對品牌的付款條件感到非常滿意。

And your first question on guidance, gross margin guidance. Yes, we also confirmed our guidance for gross profits at the lower end of 8% to 13%. And yes, you're completely right. That implies an improvement of the gross profit situation in Q3 and Q4. And that is, as I called out earlier, that is driven by a different situation on spring-summer '24 and a new situation where a different situation on the gross profit margin slippage.

關於指導的第一個問題，毛利率指引。是的，我們也確認了毛利指引為 8% 至 13% 的下限。是的，你是完全正確的。這意味著第三季和第四季的毛利狀況有所改善。正如我之前指出的那樣，這是由 24 年春夏的不同情況以及毛利率下滑的不同情況所驅動的。

Completely, right. It's mathematics. And we guided for absolute growth of gross profit margin and we confirmed that guidance also for gross profit margin.

完全正確。這是數學。我們指導了毛利率的絕對成長，我們也確認了毛利率的指導。

Blake Anderson, Jefferies.

布萊克·安德森，傑弗瑞斯。

Hi, good morning. Wanted to talk about the aspirational customer trends. You talked about getting a little bit better. How price sensitive are they versus recent quarters? I'm just wondering how much they are still seeking promotions and then how are you planning to try to capture the share of those consumers versus you have previously such as during the pandemic?

早安.想談談理想的客戶趨勢。你談到要好一點。與最近幾季相比，他們對價格的敏感度如何？我只是想知道他們仍在尋求促銷活動，那麼與之前（例如在大流行期間）相比，您打算如何嘗試抓住這些消費者的份額？

Thank you, happy to address. So again, as trend position, it's a glimmer and you obviously right. This is Q2 this is season sale. This is also reason why aspirational customers are always historically stronger in that Q2, and they are looking. For deals, there are looking for discounts, the threshold on there is perceived economic situation is continuing.

謝謝，很高興能解決。再說一次，作為趨勢位置，這是一線曙光，你顯然是對的。這是第二季度，這是季節促銷。這也是為什麼有抱負的客戶在第二季總是更強大的原因，而且他們正在尋找。對於交易，人們正在尋求折扣，而感知到的經濟狀況的門檻仍在繼續。

So we are totally focused on our top customers, our big spending ones. So there is no strategic direction, strategic focus on winning back market share from the aspirational customers. The significance of aspirational customers now for signs coming back is really that the pressure on the overall market, the pressure for some other players that are still dependent on that may reduce and then the promotional intensity reduces.

因此，我們完全專注於我們的頂級客戶，我們的大客戶。因此，沒有策略方向，策略重點是從有抱負的客戶那裡贏回市場份額。現在有抱負的客戶回歸的意義在於，整個市場的壓力，以及其他仍然依賴這一市場的參與者的壓力可能會減少，然後促銷力度就會減少。

Our focus remains strongly on the big quarter of building spenders that have a far better economics as the top better loyalty ratios and have far higher average order value.

我們的重點仍然是大部分建築消費者，他們的經濟狀況要好得多，忠誠度更高，平均訂單價值也高得多。

Got it. That's helpful. And then if I could ask two more. One was on fashion trends that you're seeing for calendar 2024, any categories that you're leaning into or changing from the last 12 months? And then curious your take on luxury spend shifting online.

知道了。這很有幫助。然後我能否再問兩個。其中之一是您所看到的 2024 年時尚趨勢，您在過去 12 個月中傾向於或改變的任何類別？然後好奇您對線上奢侈品消費的看法。

Do you expect that penetration to trend over the next couple of years and maybe how big of a secular benefit do you see versus recent years? Thanks so much.

您預期未來幾年的滲透率會呈現趨勢嗎？與最近幾年相比，您認為長期效益有多大？非常感謝。

We're happy to address the very, very helpful. Let me start with the second question. So if we go with the best available data source, '23 was a bit of a sort of a normalization after jump in online penetration. So if you purely look at luxury, the luxury digital penetration dropped from 21 to 20. So a slight decrease after some significant increases in '21 to '22.

我們很高興能夠解決非常非常有幫助的問題。讓我從第二個問題開始。因此，如果我們使用最佳的可用資料來源，那麼 23 年就可以說是在線滲透率躍升之後的一種標準化。因此，如果純粹關注奢侈品，奢侈品的數位滲透率從 21 下降到 20。因此，在 21 至 22 年出現一些顯著增加之後，略有下降。

The longer term view and again, relying on that data source is fully intact. This will go up, this digital penetration from 20% to 30%-odd. (inaudible) we will be at 30% to 33% by the year 2030. So that tailwind will continue to support our business proposition, will continue to support our business model.

從長遠來看，對資料來源的依賴是完全完整的。這個數字滲透率將會上升，從 20% 到 30% 左右。 （聽不清楚）到 2030 年我們的比例將達到 30% 到 33%。因此，順風將繼續支持我們的業務主張，並將繼續支持我們的業務模式。

And the trend is because of consumer behavior, consumer trends, and even the most affluent people are time constrained, are time pressed and the convenience and ease of shopping at home also luxury is the driving force and price points are no problem and are coming down sort of the hurdles.

這種趨勢是因為消費者行為、消費趨勢，甚至最富裕的人都受到時間限制，時間緊迫，在家購物的便利性和輕鬆性也是奢侈品的驅動力，價格點沒有問題並且正在下降某種障礙。

The price points of what people shop online goes up, goes up. And therefore, we are very comfortable to benefit from this trend even beyond from gaining market shares from other players. In terms of fashion trends, we continue to focus a lot on ready to wear as the core category for our top customers.

人們網上購物的價格不斷上漲。因此，我們非常樂意從這一趨勢中受益，甚至超越從其他參與者那裡獲得市場份額。在時尚趨勢方面，我們繼續專注於成衣，將其作為我們頂級客戶的核心類別。

As the market starts to improve, we hope to also see some better growth in shoes and bags. These were the two categories that suffered more from the decline or from the slowdown. And on ready to wear, a trend that we continue to see is consumers really desperately looking for experiences, for traveling, for going out.

隨著市場開始好轉，我們希望鞋子和箱包也能有更好的成長。這是受衰退或放緩影響較大的兩個類別。在成衣方面，我們繼續看到的一個趨勢是消費者真正迫切地尋求體驗、旅行和外出。

So wardrobing for occasions, be it ski, be it summer vacation, wardrobing for festivities is clearly a key trend and our buyers are really leaning in on that. And then there are sub trends, of course, stylistically is it that will it remain pure lead acquired luxury trend for such occasions or will more colorful, more marketing focused aesthetic make its come back.

因此，為場合著裝，無論是滑雪，還是暑假，為慶祝活動著裝顯然是一個關鍵趨勢，我們的買家確實很重視這一趨勢。當然，還有一些子趨勢，從風格上來說，它會繼續純粹引領這種場合的奢侈品趨勢，還是會更加豐富多彩、更加註重行銷的美學讓它捲土重來。

I think on the second one, we expect still that the tone down quite luxury trend holds on for calendar year '24. But then as fashion has always gone through the cycles, we will see more exuberant type of aesthetic, more color, more way, and that will be good for the industry because we need these cycles.

我認為在第二個方面，我們仍然預計 24 日曆年的低調奢華趨勢會持續下去。但由於時尚總是經歷週期，我們會看到更豐富的美學類型、更多的色彩、更多的方式，這對這個行業有利，因為我們需要這些週期。

We need the impetus for changing your module. So but for the moment, we have been very lean in on the high end brands with outstanding materials, with outstanding fabrications as we called out to brands like (inaudible) really prime example of such of this trend.

我們需要改變你的模組的動力。因此，但就目前而言，我們非常傾向於具有出色材料和出色製造的高端品牌，因為我們呼籲像（聽不清楚）這樣的品牌是這種趨勢的典型例子。

Got it. Thank you. Best of luck.

知道了。謝謝。祝你好運。

Thank you.

謝謝。

And that does conclude our q&a session for today. I would like to thank our speakers, Martin and Michael for today's presentation, and thank you all for joining us. This now concludes today's conference call. Enjoy the rest of your day. You may now disconnect.

我們今天的問答環節到此結束。我要感謝我們的演講者馬丁和邁克爾今天的演講，並感謝大家加入我們。今天的電話會議到此結束。享受你一天剩下的時間。您現在可以斷開連線。