LuxExperience (LUXE) Q4 FY2026 Earnings Call: Turnaround Accelerates
Source Tradingkey
Key Takeaways
- LuxExperience delivered FY2026 GMV growth of 2.9% at constant currency and a positive adjusted EBITDA margin of 0.4%, meeting management’s full-year guidance.
- Q4 marked an acceleration: net sales rose 7.6% at constant currency, GMV increased 7.9%, and adjusted EBITDA margin reached 2.1%, the third consecutive quarter of positive and improving adjusted EBITDA.
- Mytheresa maintained double-digit growth. Q4 net sales increased 10.2% to €269.2 million, while FY2026 adjusted EBITDA rose 39.8% to €62.3 million.
- Net-a-Porter and Mr. Porter returned to growth and positive quarterly profitability. Q4 net sales rose 5.6% to €273.9 million, with an adjusted EBITDA margin of 2.7%.
- YOOX Q4 net sales increased 6.6% to €110.5 million. Its adjusted EBITDA margin improved by 920 basis points year over year to negative 10.5%, although inventory clearance supported sales and pressured gross margin.
- For FY2027, management expects group net sales growth in the mid- to high-single-digit range and an adjusted EBITDA margin of approximately 2% to 3%.
Core Financial Data
| Metric | Q4 FY2026 | FY2026 | Commentary |
|---|---|---|---|
| Group net sales growth | +7.6% | +3.2% | Constant-currency basis |
| Group GMV growth | +7.9% | +2.9% | Constant-currency basis |
| Group adjusted EBITDA margin | 2.1% | 0.4% | FY2026 margin improved 260 basis points year over year |
| Group SG&A | Ratio fell 400 bps to 17.6% | Down €55 million, or 9.9% | Q4 ratio was 21.6% one year earlier |
| Operating cash flow | €9 million | Negative €108 million | Full-year cash use was better than the previously communicated maximum of €120 million |
| Cash and cash investments | — | €442 million | No bank debt; revolving credit facility increased to €125 million |
| Group inventory | — | +3.7% | Compared with the end of FY2025 |
Business and Operating Performance
Mytheresa
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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