LuxExperience B.V. (NYSE:LUXE), based in Munich, Germany, reported net sales of €653.6 million for the fourth quarter of fiscal 2026 on September 16, 2026, up 7.6% on a constant-currency basis from a year earlier, with Adjusted EBITDA positive for a third consecutive quarter.
The quarter cappThe quarter capped a recovery in the acquired businesses following last year's acquisition of YOOX Net-A-Porter Group. All three of LuxExperience's reporting segments, Mytheresa, NAP & MRP and YOOX, posted higher net sales and improved profitability in the quarter.
#Mytheresa Extends Double-Digit Growth in Fourth Quarter
Mytheresa's net sales rose 10.2% on a constant-currency basis to €269.2 million in the fourth quarter, up 8.1% as reported. Growth in the United States reached 39.3% ex-FX, or 30.3% as reported, LuxExperience said.
The segment's gross profit margin expanded 150 basis points to 49.7% in the quarter, aided by continued full-price selling. Adjusted EBITDA rose 10.9% to €17.9 million, with margin up 20 basis points to 6.6%.
"NET-A-PORTER and MR PORTER combined achieved a clear turnaround, also delivering topline growth and profitability. YOOX is in high gear to achieve the same, delivering a topline growth while losses were cut almost in half compared to Q4 FY25," Michael Kliger, Chief Executive Officer, LuxExperience, said in the earnings release.
#NET-A-PORTER and MR PORTER Turn Profitable for First Time Since Deal
NET-A-PORTER and MR PORTER, combined in the NAP & MRP segment, delivered net sales growth and positive Adjusted EBITDA together in the same quarter for the first time since LuxExperience acquired YOOX Net-A-Porter Group. Segment net sales rose 5.6% ex-FX to €273.9 million, up 4.3% as reported, with United States sales up 15.1% ex-FX.
NAP & MRP's Adjusted EBITDA reached €7.4 million in the quarter, up €6.4 million from a year earlier, with margin expanding 230 basis points to 2.7%. LuxExperience attributed the improvement to full-price selling, customer engagement and cost discipline.
YOOX, the company's off-price segment, reported net sales of €110.5 million in the quarter, up 6.6% ex-FX, with growth in Europe outside the United Kingdom of 22.7% as reported. YOOX's Adjusted EBITDA margin improved 920 basis points to negative 10.5%, though the segment remained unprofitable on that measure.
LuxExperience held cash and cash investments of €442.7 million at the end of the quarter and remained free of bank debt. Operating cash flow for the full year was negative €108.4 million, less negative than the company's expectation of negative €120 million.
The company's Adjusted SG&A cost ratio fell 430 basis points over the course of FY26, from 21.9% in the first quarter to 17.6% in the fourth, as its transformation plan advanced. Acquisition-adjusted SG&A expenses for the year fell by €55 million, or 9.9%, compared with FY25.
Online luxury retailers broadly have pulled back on discounting in recent periods to protect margins after years of heavy promotions weighed on sector profitability. LuxExperience said Mytheresa again outperformed the wider industry in the quarter, without disclosing comparative sector figures.
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#LuxExperience Guides for Faster Growth and Wider Margins in FY27
For the fiscal year ending June 30, 2027, LuxExperience guided for net sales growth in the mid-single-digit to high-single-digit percentage range, with an Adjusted EBITDA margin of about 2% to 3%, up from 0.5% in FY26. Kliger said the company remains on track for its medium-term target of €4 billion in net sales and an underlying Adjusted EBITDA margin of 7% to 9%.
On September 3, 2026, LuxExperience management received authorization for a share repurchase program of up to $50 million of the company's American depositary receipts. The company said the buyback is discretionary and that it is under no obligation to repurchase any ADRs or a particular amount.
LuxExperience said its FY27 outlook and medium-term targets are forward-looking and could differ materially from actual results. The company cited risks including currency fluctuations, competition in the luxury retail industry, integration of the YNAP acquisition, and macroeconomic conditions such as trade tensions and disruption to shipping through the Strait of Hormuz.
Kliger said LuxExperience expects accelerated top-line growth and a wider Adjusted EBITDA margin in FY27, though results will depend on the pace of the transformation plan and shifts in luxury demand. Currency swings, execution risk and broader economic conditions remain key uncertainties to that outlook.