Luxury fashion retailer Mytheresa posted an increase in sales despite a slip in profits during the quarter as demand by its “aspirational customers across all geographies” slowed.

Mytheresa was bought by Neiman Marcus last year

Mytheresa was bought by Neiman Marcus last year

Mytheresa posted an adjusted EBITDA loss of €800k (£692k) as well as an operating loss of €13.2m (£11.4m) for the three months to September 30, 2023.

Net sales during the quarter were up 6.8% from €175.9m (£152.2m) in 2022 to reach €187.8m (£162.5m), which the fashion retailer called “solid” despite the “challenging macro environment.”

The ecommerce platform also recorded a record high average order value which was up 5.4% at €660 (£570.90).

Despite a slowdown in demand from its “aspirational customers”, the retailer noted double-digit growth in the US during the period with net sales up 28.9% and growth of US “top customer” numbers up 56.1%.

Mytheresa also confirmed that for the 2024 full-financial year its guidance is “at the lower end of the ranges,” with adjusted EBITDA margin anticipated to be in the range of 3% to 5%.

It also expects a stronger second half (compared with the first half of 2024) as the “market environment improves and full leverage of major infrastructure investments boost the business.”

Mytheresa chief executive Michael Kliger said: “We are pleased with our results in a very difficult macro environment. With our positive revenue growth and a small adjusted EBITDA loss, we have demonstrated the fundamental strength of our business model compared with our peers.

“As expected we saw a continued slowdown in demand with aspirational customers across all geographies and a high promotional intensity in the market. We achieved strong double-digit revenue growth in the United States, grew again our business with our global top customers over-proportionally and managed to mitigate significant margin pressures with cost reductions.

“With our resilient business model and our focus on high-spending, wardrobe-building customers, we will be best positioned to benefit and accelerate when market conditions improve.”