LuxExperience B.V., trading as Luxe (NYSE:LUXE), reported EUR 663.8 million in fourth-quarter net sales during its Q4 2026 earnings call, marking an 18.7% reported increase year-over-year. Chief Executive Officer Michael Kliger and Chief Financial Officer Martin Beer detailed positive quarterly profitability and strategic European growth amidst supply chain friction.
The Bottom Line
- Top-Line Expansion: Full-year net sales reached EUR 2.50 billion for fiscal year 2026, representing a 104.1% increase driven by the integration of acquired businesses.
- Margin Recovery: Group Adjusted EBITDA hit EUR 13.6 million in Q4—a 2.1% margin—marking the third consecutive quarter of positive profitability.
- Liquidity Buffer: The firm closed the period with EUR 442.7 million in cash and cash investments, alongside zero reported bank debt.
Decoding the Balance Sheet and Segment Performance
Here is the math. LuxExperience delivered full-year net sales of EUR 2.50 billion for fiscal 2026, a 104.1% jump compared to fiscal 2025, largely anchored by newly integrated portfolio assets. But the balance sheet tells a different story about operational efficiency and cost management. Group SG&A expenses dropped by EUR 55 million, or 9.9%, over the full fiscal year, pushing the cost ratio down to 17.6% in the fourth quarter.
Operating cash flow recorded a EUR 108.4 million burn for the full fiscal year. While substantial, this figure outperformed previous management expectations of a EUR 120 million burn. Meanwhile, the company registered a loss per share of EUR 1.12 from continuing operations for fiscal year 2026, contrasting with a profit of EUR 5.91 in the prior year that included a gain on bargain purchase.
Liquidity remains a primary buffer against macro volatility. The firm held EUR 442.7 million in cash and cash investments as of June 30, 2026, with zero reported bank debt. Management also supplemented this position by increasing its revolving credit facility by EUR 25 million to EUR 125 million, following the addition of Citibank as a strategic partner.
| Metric | Q4 2026 Value | FY 2026 Value / Context |
|---|---|---|
| Net Sales | EUR 663.8 million (up 18.7% reported) | EUR 2.50 billion (up 104.1% YoY) |
| Group Adjusted EBITDA | EUR 13.6 million (2.1% margin) | 0.4% full-year margin (up 260 bps) |
| Mytheresa Net Sales | EUR 269.2 million (10.2% constant currency) | U.S. net sales up 39.3% constant currency |
| NAP & MR PORTER Net Sales | EUR 273.9 million (5.6% constant currency) | EUR 7.4 million adjusted EBITDA (2.7% margin) |
| YOOX Net Sales | EUR 110.5 million (6.6% constant currency) | Negative adjusted EBITDA margin of 10.5% in Q4 |
Divergent Trajectories Across Operating Segments
The Mytheresa segment remains a primary engine for growth. Net sales reached EUR 269.2 million in the fourth quarter, growing 10.2% on a constant currency basis as the brand captured incremental market share. U.S. demand proved particularly resilient, with U.S. net sales accelerating 39.3% on a constant currency basis and accounting for 23.8% of the segment’s total annual business.
Quality metrics across Mytheresa also set new internal benchmarks. The average order value (AOV) climbed to a record EUR 875 for the 12 months ended June 30, 2026, marking a 13.1% increase. Furthermore, top-tier customers expanded by 18% in the fourth quarter, anchoring 48.4% of the segment’s total gross merchandise value for the year.
The NET-A-PORTER and MR PORTER segment posted EUR 273.9 million in fourth-quarter net sales, representing a 5.6% increase on a constant currency basis. More importantly, the segment delivered EUR 7.4 million in adjusted EBITDA—a 2.7% margin—marking its first positive quarterly performance since acquisition. Average order value for this division reached EUR 885, rising 9.1% year-over-year.
However, operational headwinds persisted elsewhere in the portfolio. The YOOX segment recorded EUR 110.5 million in fourth-quarter net sales, growing 6.6% on a constant currency basis on robust demand in core European markets. Europe excluding the U.K. surged 22.7%, reflecting a deliberate pivot toward healthy core regions. Despite this top-line traction, the YOOX segment posted a negative adjusted EBITDA margin of 10.5% in the fourth quarter as the corporate transformation process continues.
Supply Chain Friction and Regional Headwinds
Growth did not materialize without friction. CEO Michael Kliger noted that customer satisfaction at NET-A-PORTER took a direct hit from shipping backlogs within the warehouses. This logistical bottleneck drove the internal Net Promoter Score down to 59.7% in the fourth quarter.
Macroeconomic drag also surfaced internationally. Kliger acknowledged that performance in Greater China during the summer proved disappointing, falling short of initial corporate expectations for a rapid regional rebound. Inventory management countered some of these pressures; group inventory tightened to EUR 990.3 million as of June 30, 2026, down from EUR 1.02 billion at the close of the prior fiscal year.
Looking ahead, executive guidance targets mid to high single-digit net sales growth at the group level for fiscal year 2027. Adjusted EBITDA margins are projected to land between 2% and 3%. To support shareholder value alongside these operational targets, management authorized a $50 million ADR share repurchase program on September 3, 2026, to be executed at its discretion.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
