What does LuxExperience do and what are its main business segments?

What factors drove the changes in LuxExperience's revenue and profit?

What guidance did LuxExperience's management provide for the next earnings period?

What is the revenue and EPS growth rate for LuxExperience year over year?

What is LuxExperience's gross profit margin?

What is the market's earnings forecast for LuxExperience next quarter?

What were the key takeaways from LuxExperience's earnings call?

Did LuxExperience beat or miss consensus estimates last quarter?

- **Mytheresa Dominance:** 12.2% YoY sales growth, U.S. +21.9%, AOV €797, gross margin +70bps.
- **NET-A-PORTER Turnaround:** AOV +15.5%, GM +130bps, targeting FY27 breakeven, 7-9% margin.
- **YOOX Restructuring:** AOV +17.8%, GM +400bps, targeting EBITDA breakeven in 15-21 months.
- **THE OUTNET Sale:** $30m proceeds, simplifying Off-Price segment, focusing on YOOX transformation.
- **Financial Guidance:** FY26 GMV €2.4-2.7b, EBITDA margin -2% to +1%, operating cash burn <€200m.
- **Market Momentum:** U.S. 31% of group sales, Europe stable, China stabilization, fine jewelry growth.

**【CEO Opening Remarks】**
- LuxExperience is the digital multi-brand leader for luxury enthusiasts, with strong performance across three segments: Mytheresa, NET-A-PORTER/MR PORTER, and Off-Price (YOOX). 
- Announced sale of THE OUTNET assets to O Group, simplifying the Off-Price segment and focusing on YOOX transformation. 
- Highlights strategic focus on full-price luxury, exclusive campaigns, and customer experiences.

**【CEO Segment Breakdown】**
1. **Mytheresa (Luxury Segment):**
   - Q1 FY26 net sales +12.2% YoY, U.S. sales +21.9%, Europe (ex-Germany) +14.1%.
   - Top customer base grew +10.2%, AOV last 12m at €797 (+10.7%).
   - Gross margin +70bps to 44.6%, driven by full-price focus.
   - Exclusive campaigns with Loewe, Max Mara, ZEGNA, and events in London, Shanghai, Madrid.

2. **NET-A-PORTER/MR PORTER (Luxury Segment):**
   - Q1 FY26 net sales -10.8% YoY, but AOV +15.5% to €836, GMV per EIP +4%.
   - Gross margin +130bps to 47.8%, full-price share improving.
   - New leadership driving exclusive launches (Jimmy Choo, Aime Leon Dore) and editorial content (Emily Blunt cover, Adam Brody film).
   - Targeting breakeven EBITDA in FY27, 7-9% margin medium-term.

3. **YOOX (Off-Price Segment):**
   - Q1 FY26 net sales -16.5% YoY, but AOV +17.8% to €256, GM +400bps to 36.5%.
   - Focused on Europe core, closing unprofitable marketplaces, reducing inventory complexity.
   - Targeting EBITDA breakeven in 15-21 months, FY27 top-line growth.

**【CFO Financial Overview】**
- **Group Results (Q1 FY26):**
  - GMV: €588.9m (-4.3% YoY), Net Sales: €557.2m (-4.2% YoY).
  - Adjusted EBITDA: -€28.1m (margin -5%), operating cash flow -€146.4m.
  - Inventory: €1.18b (ex-THE OUTNET), cash: €460m.
- **Segment Performance:**
  - Mytheresa: EBITDA +€7.9m (vs. -€5m YoY), margin +210bps to 3.5%.
  - NET-A-PORTER/MR PORTER: EBITDA -€14.4m, margin -6.9%.
  - YOOX: EBITDA -€28.1m, margin -18.1%.
- **Guidance FY26:**
  - GMV: €2.4-2.7b, EBITDA margin: -2% to +1%.
  - Mytheresa: mid- to high-single-digit growth.
  - NET-A-PORTER/MR PORTER: FY26 decline, FY27 growth.
  - YOOX: FY26 sales decline, FY27 top-line recovery.

**【Q&A Highlights】**
- **Transformation Progress:**
  - Early SG&A reductions (-€15m Q1), workforce reductions in multiple regions.
  - MYTHERESA: 31% of group sales, U.S. growth driver.
  - NET-A-PORTER/MR PORTER: targeting FY27 breakeven, 7-9% margin medium-term.
- **Market Trends:**
  - Consumer shift to bolder, colorful luxury (e.g., ZEGNA, Calvin Klein), fine jewelry growth.
  - Regional strength: U.S. (+21.9%), Europe (ex-Germany) +14.1%, YOOX Europe +1.7%.
  - China stabilization, potential upside in FY26.
- **THE OUTNET Sale:**
  - Closing Q1 CY26, $30m cash consideration (subject to inventory adjustment).
  - Discontinued operations from Q1 FY26, simplifying Off-Price focus on YOOX.


LuxExperience B.V. (LUXE) Q1 2026 Earnings Call Transcript

- **Mytheresa Dominance**: 8.9% FY25 net sales growth, 130bps gross margin expansion, and EUR 773 AOV highlight its leadership in digital luxury.
- **Transformation Progress**: NAP & MRP EBITDA margin target of 7-9% and Off-price restructuring to achieve profitability by FY27.
- **Financial Resilience**: EUR 603.6 million cash, no debt, and FY26 EBITDA guidance of -4% to +1% reflect cautious optimism amid market uncertainty.
- **Strategic Focus**: Full-price selling, customer experience innovation, and cost efficiency drive long-term growth.

**【CEO Summary】**
- **Acquisition Integration**: LuxExperience now operates as a unified group with 3 segments: Luxury Mytheresa, Luxury NAP & MRP, and Off-price (YOOX & THE OUTNET). The acquisition closed on April 23, 2025, and the group aims to achieve EUR 4 billion in net sales and a 7-9% EBITDA margin by FY26.
- **Mytheresa Performance**: Q4 FY25 net sales grew 11.5% YoY, full-year growth 8.9%, driven by a 16.1% increase in GMV per top customer. Gross margin expanded 90bps to 48.3%, with AOV rising 10% to EUR 773. Exclusive campaigns and physical experiences strengthened customer loyalty.
- **Luxury NAP & MRP Transformation**: Q4 FY25 net sales declined 8.9% YoY due to underinvestment in marketing and merchandise. New leadership is refocusing on full-price selling and high-end customers. Medium-term target: EBITDA margin of 7-9%.
- **Off-price Restructuring**: Q4 FY25 net sales fell 17.4% YoY, with AOV up 17.4% to EUR 292. The segment is streamlining operations, separating infrastructure, and reducing workforce to improve profitability by FY27.

**【CFO Financial Commentary】**
- **Mytheresa Financials**: FY25 adjusted EBITDA of EUR 44.6 million (4.9% margin), driven by 130bps gross margin expansion. Positive operating cash flow of EUR 3.6 million.
- **Group Performance**: FY25 reported EBITDA of EUR 44.2 million (3.5% margin). Illustrative EBITDA (including acquired businesses) was negative EUR 58.7 million due to restructuring costs. Cash position of EUR 603.6 million with no bank debt.
- **FY26 Outlook**: Group GMV expected to range EUR 2.5-2.9 billion. Adjusted EBITDA margin guidance of -4% to +1%, reflecting transition costs and market uncertainty.

**【Q&A Highlights】**
- **Mytheresa Margin Upside**: Continued focus on full-price selling and AOV growth could drive further gross margin expansion. European market outperformance suggests regional diversification opportunities.
- **SG&A Reduction Roadmap**: NAP & MRP aim to reduce SG&A cost ratio from 24.6% to align with Mytheresa's 13.4%. IT replatforming and operational efficiencies expected to yield savings in 2-2.5 years.
- **Customs Impact**: U.S. customs effects on global sentiment are manageable, with Mytheresa maintaining strong growth. Asia remains a low base for potential expansion.
- **Off-price Restructuring**: Separation of infrastructure and leadership changes aim to return to profitability within 18-24 months, focusing on quality and efficiency.

LuxExperience B.V. (LUXE) Q4 2025 Earnings Call Transcript

- **Revenue Resilience**: Q3 net sales +3.8% YoY, driven by 8.1% Europe growth and 12% U.S. top customer GMV rise. AOV up 8.8% to €753.
- **Profitability Boost**: Gross margin +140bps to 44.8%, EBITDA margin 3.9%, with €18.7 million positive cash flow.
- **Strategic Ambition**: Post-YOOX acquisition, targeting €4 billion sales and 7-9% EBITDA margin by FY2026.
- **Risk Management**: U.S. macro uncertainty impacts aspirational customers, but top customers remain stable. Focus on full-price selling to maintain margins.

**【CEO Summary Section】**
- **Revenue Growth**: Net sales increased by 3.8% YoY to €242.5 million in Q3 FY2025, driven by a 8.1% rise in Europe and 3.9% growth in the U.S. GMV per top customer grew 17.9%, with U.S. top customers' average spend up 17.8%.
- **Customer Engagement**: Hosted exclusive events (e.g., Aspen pop-up, Style Suites) to engage high-net-worth customers, resulting in a 48% repurchase rate among attendees. GMV from top customers rose 7.8% YoY.
- **Gross Margin Expansion**: Improved by 140 basis points to 44.8%, driven by full-price selling and lower return rates. AOV LTM reached €753, up 8.8% YoY.
- **Strategic Acquisitions**: Completed YOOX NET A PORTER acquisition, targeting €4 billion in net sales and 7-9% EBITDA margin by FY2026.

**【CFO Financial Commentary】**
- **Profitability**: Adjusted EBITDA margin of 3.9% (vs. 3.8% YoY), with €9.3 million EBITDA. Operating cash flow turned positive at €18.7 million, up €30.3 million YoY.
- **Financial Health**: Stable inventory at €372.8 million (260 days DIO), despite 8% YoY net sales growth. Non-GAAP EPS exceeded expectations, with strong cost control.
- **Guidance**: FY2025 legacy Mytheresa guidance: 7-13% net sales growth, 3-5% EBITDA margin. Acquired YOOX NET A PORTER to add €300-350 million net sales but expects €20-30 million EBITDA loss.

**【Q&A Highlights】**
- **Consumer Sentiment**: U.S. market uncertainty due to tariffs and macroeconomic factors, but top customers remain resilient (12% growth in U.S. top customer GMV). Europe grew 8.1%.
- **Gross Margin Drivers**: Full-price selling and lower return rates. Gross margin expansion expected to continue despite macro challenges.
- **Tariff Impact**: Tariffs on Chinese-made goods affect U.S. sales, but European manufacturing limits exposure. Focus on profitability over top-line growth.
- **Long-Term Outlook**: Confident in achieving 7-9% EBITDA margin through gross margin improvement and cost control.

LuxExperience BV DRC (LUXE) Q3 2025 Earnings Call Transcript

- **Q2 Growth Acceleration**: 13.4% net sales growth, 7.3% EBITDA margin, and 11.9% GMV growth driven by U.S. and Europe.
- **Top Customer Dominance**: 40% of revenue from top 4% customers, with GMV per top customer +13.6% YoY.
- **Exclusives & Experiences**: Launches with Moncler, Victoria Beckham, and Bvlgari; physical events in NYC, Hong Kong, and Milan.
- **YNAP Acquisition**: Formation of LuxExperience group; 24-36 month integration timeline; new ticker LUXE post-acquisition.
- **Profitability Target**: Medium-term goal of high single-digit EBITDA margins; Q2 gross margin +110bps to 50.9%.

**【CEO Opening Remarks】**
- Q2 FY2025 highlights: 13.4% net sales growth, 7.3% adjusted EBITDA margin (vs. 3.8% YoY), and 11.9% GMV growth.
- U.S. market drives growth with 17.6% net sales increase, while Europe sees 12.8% growth. China/Asia remains constrained by macro challenges.
- Top customers (4% of total) account for 40% of revenue, with GMV per top customer up 13.6% YoY.

**【CEO Key Messages】**
1. **Profitable Growth Model**: 
- GMV +11.9%, net sales +13.4%, AOV LTM +9.5% to €736.
- U.S. top customer GMV +34.7%, Europe top customer GMV +9.1%.
- Stable return rates and DIO of 258 days (target 260 days).

2. **Community & Brand Partnerships**: 
- Exclusive launches with Moncler, Victoria Beckham, Bvlgari, and Gucci Holiday Collection.
- Physical experiences like NYC style suites, Hong Kong rooftop events, and Zegna Alps retreats.
- 83.3% Net Promoter Score (NPS) reflects customer satisfaction.

3. **YNAP Acquisition Strategy**: 
- Formation of LuxExperience group with YOOX, NET-A-PORTER, MR PORTER, and OUTNET.
- Target: 24-36 months to migrate YNAP onto Mytheresa tech platform.
- New ticker symbol LUXE post-acquisition; Richemont to join Supervisory Board.

**【CFO Financial Highlights】**
- Q2 FY2025: 
  - Gross profit +16% to €113.6M (50.9% margin, +110bps YoY).
  - Adjusted EBITDA +8.7M to €16.2M (7.3% margin, +350bps YoY).
  - Inventory down 1.3% YoY at €404.6M (DIO 258 days).
- H1 FY2025: 
  - GMV +9.2%, adjusted EBITDA margin 4.5% (vs. 1.7% YoY).
  - Guidance: FY2025 GMV/net sales +7-13%, EBITDA margin 3-5%.

**【Q&A Key Takeaways】**
- **Acquisition Integration**: Re-platforming YNAP onto Mytheresa tech in 24-36 months; focus on back-office synergies.
- **Gross Margin Outlook**: Expect stable/mild improvement in H2, driven by full-price selling focus.
- **China Recovery**: Slow improvement post-Q4; macroeconomic stimulus could accelerate recovery.
- **Marketing Spend**: Return to 12-12.5% GMV ratio in H2; focus on upper-funnel investments.
- **EBITDA Target**: Medium-term goal of high single-digit margins (pre-acquisition levels).

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- **Record Growth**: Q4 GMV +13%, U.S. GMV +40.8%, top customers +24.2%, driving FY23 GMV to €855.8M (+14.5%).
- **Profitability**: FY23 EBITDA €41.1M (5.3% margin), guided FY24 EBITDA margin 3-5% with H2 acceleration.
- **Infrastructure Impact**: New tech stack and Leipzig warehouse to boost H2 FY24 growth and margins.
- **U.S. Dominance**: U.S. GMV share 19.1% in Q4, top customers +64%, events like Portofino fashion show strengthen brand equity.
- **Sustainability**: 38.5% GMV from top customers, AOV €654, full-price focus mitigates macro risks.


**【CEO Summary Section】**
- **Q4 GMV Growth**: 13% YoY to €222.2M, driven by 40.8% U.S. GMV growth and 24.2% increase in top customers. Full-year GMV rose 14.5% to €855.8M.
- **Top Customer Focus**: Top customers contributed 38.5% of GMV (vs. 32.6% in FY21), with GMV per top customer up 3.7% in Q4.
- **Brand Collaborations**: Exclusive launches with Bucherer (certified pre-owned watches), Dolce & Gabbana (84-piece capsule), and events like the Portofino fashion show.
- **Infrastructure Milestones**: Successful migration to new tech stack and test operations at Leipzig distribution center, set to fully launch in H2 FY24.

**【CFO Financial Commentary】**
- **FY23 Financials**: Net sales €768.6M (+11.4%), gross profit €382.6M (+7.8%), adjusted EBITDA €41.1M (5.3% margin). Q4 EBITDA €7.4M (3.6% margin).
- **FY24 Guidance**: GMV/Net Sales growth 8-13%, gross profit growth 8-13%, EBITDA margin 3-5%. H2 expected to outperform H1 by 600-800bps in growth and 50-150bps in margin.
- **Cost Management**: SGA expenses up 11.4% but controlled at 13.1% of GMV. Shipping/payment costs stable at 13.4%.
- **Inventory**: Days inventory outstanding 302 (target 260), with 80% of stock covering current/upcoming seasons.

**【Q&A Highlights】**
- **U.S. Momentum**: Top customers grew 64% Q4, first-time buyers +44%. Events like East Hampton pop-up (3,200 guests) and personal shoppers drive engagement.
- **Promotional Environment**: FY23 gross margin slippage 330bps, but FY24 Spring/Summer orders down 800bps, easing promotional pressure.
- **Distribution Center**: Leipzig hub to improve delivery times and reduce customs delays, with full benefits expected in H2 FY24.
- **Inventory Strategy**: Focus on full-price selling and top customers, with 95% sell-through over 21 months.


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