
Operating losses for the first quarter of German luxury fashion retailer Mytheresa’s fiscal 2024 have increased from € 900,000 to € 13.2 million year on year.
The store blamed the rising losses on lower demand from ‘aspirational shoppers’ as a result of low consumer confidence amid the cost-of-living problem.
Adjusted EBITDA fell from a positive € 12.7 million to a negative € 800,000 in the 12 weeks ending 30th September 2023.
Despite this, revenues climbed by 6.8 per cent year on year to € 187.8 million, driven by a 28.9 per cent year-on-year increase in US sales, and the average order value increased by 5.4 per cent year-on-year to a record € 660.
Mytheresa CEO Michael Kliger attributed the mixed performance to “a continued slow-down in demand with aspirational customers across all geographies, and a high promotional intensity in the market” amid “a very difficult macro environment”.