We saw strong double-digit revenue growth in the United States, grew our business with top customers over proportionally and managed to mitigate significant margin pressures with cost adjustment. With our resilient business model and our focus on the high spending wardrobe-building customers we will be best positioned to benefit and accelerate when market conditions improve. I want to highlight today again three aspects of our business that sets us apart in the sector and will give us a head start in improving market conditions. First, our unique focus on big-spending wardrobe-building customers enabled us to generate growth with top customers and particularly in the United States in the first quarter. Second, the strong relationships and support from our brand partners allowed us to offer our customers once more many exclusive capsule collections and activations or experiences in the first quarter that drive top customer engagement and loyalty.

Third, we continued to evolve and innovate our business model as evidenced by the successful launch of our new state-of-the-art distribution center at Leipzig Airport in the first quarter and our expansion into fine jewelry. Sector leading growth, resilient financials and ongoing innovation for future growth set us apart from peers. Let me now comment in more detail on these three highlighted areas for today. First, in the first quarter we grew our net sales by plus 6.8% compared to Q1 of fiscal year 2023. This strong growth is above market expectations and above peer performance. It is highly noteworthy that the United States generated again an outstanding growth with plus 25.1% in terms of gross merchandise value compared to Q1 of fiscal year 2023.

The United States continues to be a significant growth driver for Mytheresa and the market accounted for 18.7% of our total business in the first quarter of fiscal year 2024. The key driver for our growth is our continued focus on the big-spending wardrobe-building top customers and not the aspiration occasional luxury shopper. Our top customer base grew by plus 19% compared to Q1 of fiscal year 2023. In the US, our top customer numbers increased even greater by plus 56.1% in the first quarter. Further evidence of our focus on top customers is that our average order value, LTM, increased once more by plus 5.4% to a record high of EUR660 in Q1 fiscal year 2024 compared to fiscal year 2023. Second, the first quarter saw again many high impact campaigns, exclusive product launches and events as well as money can't buy experiences demonstrating our strong relationships and the support from brand partners.

All of them further increased our brand awareness, brand equity and positioned us globally as the leading digital luxury platform. We have the exclusive launch of styles from Loewe. The launch of an exclusive 27 piece capsule collection from Brunello Cucinelli, only available at Mytheresa. The pre-launch of the Alexander McQueen cruise collection ahead of anyone else. The launch of Manolo Blahnik shoes as a key brand addition to our assortment and the launch of Loro Piana capsule collection only available at Mytheresa. Please see our investor presentation for more details on brand collaborations. We also hosted again exclusive events for our top customers, providing them with money can't buy experiences. Examples of events in the first quarter include a dinner and party in Warsaw, Poland, to celebrate the launch of the exclusive Magda Butrym capsule.

The creative director herself attending the two-day experience for top customers in Cadaques and Figueres, Spain, in partnership with Rabanne as well as events in Chicago, Milan, Paris, and Beijing. Furthermore, I'm proud to announce today that we opened the Holiday House, our second truly immersive physical luxury shopping experience in partnership with Flamingo Estate in Los Angeles for the first three weeks in December. We expect with this pop-up again a strong boost to our business with US top customers. Third, in the first quarter of 2024, we continue to drive innovation in our business for future growth. The first week of September, our new warehouse at Leipzig Airport successfully started to operate. As anyone who has gone through a similar large-scale DC project can tell you, this was a major milestone for the company.

The new facility with its 55,000 square meter of building space will not only provide ample capacity for the future growth of our business, but it will also dramatically improve customer service, thanks to its unique location and direct adjacency to the International Air Freight Hub of DHL. We are now ramping up the staff and throughput of the warehouse and already in the second half of fiscal year 2024 we expect to see the positive impact of the new facility on our business. Our customers will benefit from significantly later cut-off times for international deliveries, additional flight options to the United States and faster return processing from customs destinations. Another initiative that we have kicked off in the last quarter was the expansion of our fine jewelry offerings with item values exceeding EUR25,000.

We already carry fine jewelry brands such as Repossi, Pomellato, Yeprem or Marina B and will add several more in the coming months. To deliver the high-value pieces, we have set up a dedicated white glove courier service with DHL Express globally. This new category will further strengthen our offerings and business with high spending top customers. I would also like to mention that Mytheresa published its second positive change report. Some of the highlighted achievements in this report for fiscal year 2023 include an 11% decrease of CO2 emissions per order shipped, 92% usage of renewable electricity in the company, 58% women in leadership positions, and more than EUR4 million worth of pre-owned products resold by our customers via our partnership with Vestiaire Collective.

Please see our investor presentation for more details on the Mytheresa positive change report. With all the above, it should come as no surprise that we are pleased with our solid performance in the first quarter of fiscal year 2024, despite significant macro headwinds. We believe that our results demonstrate the strengths and consistency of our business model, delivering profitable growth. We see ourselves as one of the few winners in the expected consolidating luxury e-commerce space. This also drives our strong confidence in our medium-term growth trajectory and profitability levels despite the short-term uncertainties in the current environment. And now I hand over to Martin to discuss the financial results in detail.

Martin Beer: Thank you, Michael. We are pleased with our top line performance in a challenging macro environment and with persistent heavy promotions from peers. Despite these headwinds, we achieved net sales growth of plus 12% constant currency in the quarter. The slightly negative adjusted EBITDA margin of minus 0.4% in Q1, which is in line with our expectations is a result of this heavy promotional environment and in our view is transitory. Looking ahead and despite these ongoing pressures, we expect to finish Q2 of fiscal year 2024 ending in December '23 with a positive adjusted EBITDA margin. In addition, for the first half of calendar year 2024, due to adjusted spring-summer inventory in the market, we expect a slowing of this heavy promotional environment leading to improvements in the top and bottom line.

Our performance in Q1 of fiscal year '24, despite the headwinds, is a testament to our superior and unique market positioning, resilient business model, and our ability to adapt even in difficult times. I will now review our financial results for the first quarter of fiscal year 2024 ended September 30, 2023, and will provide supplementary details on certain key developments that affected our performance throughout the quarter. Unless otherwise stated, all numbers refer to Euro. In the first quarter of fiscal year '24, GMV increased by plus 8% on a constant currency basis to 204.1 million as compared to the prior year period of 197.9 million. Growth on an IFRS basis was at plus 3.1%. Our growth in this quarter is again a result of our focus on the highly valuable top customer segment.

Our top customer base grew significantly, increasing plus 19% throughout the quarter. Overall, customer engagement and retention is strong with the number of active customers who made a purchase during the last 12 months increasing by plus 8.2%, reaching a total of 865,000 active customers. During the first quarter, net sales increased by 11.9 million, a plus 12% on a constant currency basis increased year-over-year to 187.8 million. Growth on an IFRS basis was at 6.8%. As of Q1 of fiscal year '24, we continue to have seven major brands operating seamlessly under the CPM. In our collaboration efforts with brand partners, we are able to provide them with full flexibility offering both models. And we expect to have one to two brands transition from the wholesale model to the CPM each fiscal year.

We once again saw growth in various regions of the world during the first quarter of fiscal year '24. In the US in particular, we continue to build our leadership position with continuous double-digit growth. We grew GMV in the US by plus 25.1%. The number of top customers in the US grew by an impressive plus 56.1% during the quarter. The number of first time buyers in the US increased by plus 18.9%. As of the end of the first quarter, the US makes up 18.7% of our total GMV. Our average order value, LTM, increased by 5.4% to industry-leading EUR660, and absolute figures, the increase in AOV represents plus EUR34 per shipped order. The continuous increase in AOV in the past quarters and years improves order economics and reflects our successful focus on full price selling and operating in the sweet spot of high-end luxury.

In Q1 of fiscal year '24, our gross profit margin continues to be affected by the intense promotional environment that we mentioned earlier. We still witness unusual level of promotions as competitors are trying to balance their inventory levels. Consequently, our full price share in relation to our sale activities continues to be lower than anticipated, leading to a decrease in gross profit margin of around 400 basis points due to this mix effect, similar to what we saw in the prior quarters. A few other factors contributed to another 340 basis points decline in gross profit margin. Among those factors were one, an exceptional provision for expected inventory depreciation and two, certain financial effects driven mostly by a stronger performance of several wholesale brands in relation to individual CPM brands.

Remember that only the commission with CPM brands is accounted for net sales with a 100% gross profit margin. If certain wholesale brands perform better than individual CPM brands, then the gross profit margin decreases mathematically. On the other hand, if CPM brands would increase their share in the upcoming quarters, then the gross profit margin would increase mathematically due to this effect. All factors considered, we achieved a gross profit of 79.8 million, representing a gross profit margin of 42.5% during Q1. Shipping and payment costs increased by 4.3 million or 17.8% from 24 million for the three months ended September 30, 2022 to 28.3 million for the three months ended September 30, 2023. The increase in the shipping and payment cost ratio from 12.1% to 13.9% in Q1 was mainly due to a one-time positive effect in GDP costs in the previous year quarter.

13.9% cost ratio was also the ratio we achieved in the preceding quarter, Q4 of fiscal year ' 23. For the full fiscal year ' 24, we expect a similar ratio. Marketing expenses decreased from 25.4 million in last fiscal year's first quarter to 23.7 million in the first quarter fiscal year '24. The marketing cost ratio in relation to GMV decreased from 12.8% to 11.6% as we continue to focus our marketing efforts on the most promising new customer acquisition and top customer attention strategies and aligned our marketing efforts with an overall softer market sentiment. Adjusted selling, general administrative expenses increased by 2.8 million to 29.5 million during Q1 of fiscal year '24. Adjusted SG&A as a percentage of GMV increased modestly by 100 basis points from 13.5% in the prior year period to now 14.5%.

The increase in SG&A expenses is mainly due to a higher personal expenses especially for staff in operations and logistics. We anticipate a continued reduction in the adjusted SG&A cost ratio throughout fiscal year '24, targeting to reach a lower level than in the preceding fiscal year. As already anticipated during the last earnings call, adjusted EBITDA during the first quarter of fiscal year '24 was at minus 0.8 million, slightly negative and already reflected in our full year guidance for fiscal year '24. As seen in prior years, the quarterly performance varies due to seasonality with Q1 being one of the weaker quarters, for Q2 fiscal year '24. And despite an ongoing heavy promotional environment, we expect to end the quarter with a positive adjusted EBITDA margin.

In addition, for the first half of calendar year '24, we expect a slowing of this heavy promotional environment leading to improvements in the top and bottom line. In addition, we will be able to leverage our new technology platform and the new Leipzig warehouse for growth and margin improvements. Depreciation and amortization expenses in Q1 of fiscal year '24 increased slightly to 3.4 million or 1.7% of GMV as compared to 2.5 million or 1.3% in the prior year quarter, mostly due to higher depreciation and right of use assets related to the new warehouse in Leipzig, Germany. The low level of depreciation and amortization expenses is also a key strength in our business model. Adjusted operating income or adjusted EBIT during the first quarter of fiscal year '24 was at minus 4.2 million with an adjusted EBIT margin of minus 2.3%.

We ended the quarter with an adjusted net income of minus 2.9 million and an adjusted net income margin of minus 1.6%. During the three months ended September 30, 2023, operating activities use 33.3 million of cash for the typical seasonal inventory build-up of current fall-winter merchandise. We finished the quarter with no long-term bank debt, 7.5 million cash, and 16.4 million of borrowings under our 60 million revolving credit facilities. Due to the seasonal deliveries and the slower top line, our inventory level increased plus 44% year-over-year, which is below the inventory build-up during the preceding quarter of plus 57%. End of October, inventory was plus 36% to previous year. We continue to tactically manage our inventory levels, while our overarching focus is to attract and retain the right customer cohorts with focus on full price, being mindful of brand relationships, and preventing undue inventory aging.

We are carefully managing our inventory levels from a position of confidence, leveraging our cash and balance sheet strengths. Given all this, we are confident in our business model and remain assured to continue our profitable growth story even in a very challenging environment. While we expect the macroeconomic uncertainties to continue, we expect a slowing of this heavy promotional environment in H2 of our fiscal year, leading to improvements in the top and bottom line. We therefore confirm our guidance for the full fiscal year '24, but at the lower end of the guided ranges of GMV and net sales growth between plus 8% to 13%, gross profit growth between plus 8% to 13% and an adjusted EBITDA margin between plus 3% and 5%. Based on the current trends of this Q2, running from October to December, we expect a similar top line growth, what we saw in the preceding Q1, and a positive but low single-digit adjusted EBITDA margin.

At the gross profit margin level, we expect similar pressures compared to Q1. We remain very confident in the medium and long-term outlook for our business. We are currently gaining market share and have completed two major infrastructure milestones. We will thus benefit more quickly and over proportionally when the luxury market recovers from the current economic challenges. Our market positioning is getting stronger every month. During this fiscal year and beyond you will see a fortification of our leadership position in multi-brand luxury, building the most successful powerhouse for the top luxury customers and the top luxury brands. I will now turn the call back over to Michael for his concluding remarks.

Michael Kliger: Thank you, Martin. We are pleased with our first quarter of fiscal year 2024 earnings results. We see ourselves well positioned to achieve our fiscal year 2024 guided targets despite the continuously challenging macro environment. We will continue to benefit from the ongoing shift to online and luxury spend, the increasing importance of the big spending customer segment and the desire by brand partners to work with only the best digital platforms in the market. We are confident that Mytheresa offers high-value consumers the best multi-brand digital shopping experience there is. And with that, I ask the operator to open the line for your questions.

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