LuxExperience said it completed fiscal 2026 with improving sales momentum, a return to positive adjusted EBITDA and lower operating costs, as the company continued integrating and restructuring the former YNAP businesses.
MYT Netherlands Parent B.V. (NYSE:MYTE), which operates as LuxExperience, reported group gross merchandise value growth of 2.9% at constant currency for the year ended June 30, 2026, alongside a group-adjusted EBITDA margin of 0.4%. In the fourth quarter, group net sales rose 7.6% at constant currency and adjusted EBITDA margin reached 2.1%, its third consecutive quarter of positive adjusted EBITDA.
Cost reductions and balance-sheet position
Chief Financial Officer Martin Beer said group selling, general and administrative expenses declined by about €55 million, or 9.9%, during fiscal 2026. The group’s SG&A cost ratio fell to 17.6% in the fourth quarter from 21.6% a year earlier.
LuxExperience generated €9 million of operating cash flow in the fourth quarter. Full-year operating cash burn was €108 million, better than the company’s previously communicated maximum of €120 million. The company ended the fiscal year with €442 million in cash and cash investments and no bank debt, Beer said. Its revolving credit facility increased by €25 million to €125 million after Citibank joined its banking group.
The company also said management received authorization on Sept. 3 for a potential ADR share-repurchase program, which could include an accelerated repurchase program. LuxExperience said it had not yet implemented the authorization and offered no assurance that it would do so.
Mytheresa posts double-digit growth
Mytheresa’s fourth-quarter net sales rose 10.2% at constant currency to €269.2 million. Full-year net sales increased 11.5% to €994.3 million, bringing the business close to the €1 billion milestone cited by management.
In the U.S., Mytheresa’s fourth-quarter net sales increased 39.3% at constant currency. The U.S. represented 23.8% of Mytheresa’s full-year net sales.
The segment’s gross profit margin expanded 150 basis points to 49.7% in the fourth quarter and to 48.5% for the year. Its adjusted EBITDA margin rose to 6.6% in the quarter from 6.5% a year earlier, while the full-year margin expanded to 6.3% from 4.9%. Full-year adjusted EBITDA increased 39.8% to a record €62.3 million.
Kliger attributed the performance to the company’s focus on high-spending customers and full-price selling. The number of Mytheresa top customers rose 18% year over year in the fourth quarter, while their average GMV spend increased 4.8%. Top customers represented 4.8% of customers but accounted for 48.4% of GMV during fiscal 2026.
Average order value over the trailing 12 months rose 13.1% to €875. During the question-and-answer session, Kliger said the rising contribution from top customers and expansion in fine jewelry were among the drivers of higher order values.
NET-A-PORTER and MR PORTER reach quarterly profitability
The combined NET-A-PORTER and MR PORTER segment recorded fourth-quarter net sales growth of 5.6% at constant currency to €273.9 million. Full-year sales rose 0.5% to €994.8 million.
The segment reported a 2.7% adjusted EBITDA margin in the fourth quarter, its first positive adjusted EBITDA result of fiscal 2026. Beer said the result represented a 230-basis-point improvement from a year earlier. He added that IEEPA tariff refunds contributed 250 basis points to the segment’s quarterly adjusted EBITDA margin, though the business would have remained profitable excluding that effect.
Full-year gross profit margin rose 170 basis points to 47.5%, while SG&A expenses declined €29.8 million, or 11%. The fourth-quarter SG&A ratio improved to 19.5% from 24.5% in the prior-year period.
The segment’s U.S. sales rose 15.1% at constant currency in the fourth quarter, and the U.S. accounted for 49.6% of full-year sales. Kliger said the growth did not reflect a one-time factor, pointing instead to updated marketing tools, customer communications, product curation and brand activations.
YOOX narrows losses as European sales improve
YOOX reported fourth-quarter net sales growth of 6.6% at constant currency to €110.5 million. Its adjusted EBITDA margin improved to negative 10.5% from negative 19.8% a year earlier, a 920-basis-point improvement. Second-half SG&A expenses declined €17.5 million, or 23.3%, compared with the prior-year second half.
Kliger said YOOX is concentrating on European markets and a leaner operating model, while deprioritizing overseas markets with higher servicing costs. Sales in Europe excluding the U.K. increased 22.7% in the fourth quarter and represented 61.3% of YOOX’s full-year sales.
The company said YOOX’s fourth-quarter sales growth was aided by an extraordinary inventory-clearance effort, which pressured quarterly gross margin. For the full year, however, YOOX’s gross margin increased 120 basis points to 38.5%.
Fiscal 2027 outlook
LuxExperience expects group net sales to grow at a mid- to high-single-digit rate in fiscal 2027 and forecasts adjusted EBITDA margin of about 2% to 3%. For the first quarter, it expects high-single-digit net sales growth and a slightly negative adjusted EBITDA margin, reflecting the company’s normal seasonal pattern.
- Mytheresa is expected to deliver high-single-digit to low-double-digit sales growth and slightly improved adjusted EBITDA profitability.
- NET-A-PORTER and MR PORTER are expected to post mid-single-digit sales growth and improve adjusted EBITDA margin by roughly 100 to 200 basis points from fiscal 2026.
- YOOX is expected to post mid-single-digit sales growth while maintaining a negative adjusted EBITDA margin in the mid-single digits. The company expects YOOX to reach adjusted EBITDA break-even in fiscal 2028.
Beyond fiscal 2027, LuxExperience expects 10% to 15% annualized sales growth and annual adjusted EBITDA margin expansion of 150 to 250 basis points until it reaches its medium-term target of €4 billion in net sales and a 7% to 9% adjusted EBITDA margin.
About MYT Netherlands Parent B.V. (NYSE:MYTE)
MYT Netherlands Parent B.V. is the parent company of Mytheresa, a global luxury e-commerce retailer headquartered in Munich, Germany. The company operates an online platform and mobile shopping experience offering a curated selection of luxury fashion and lifestyle products from leading international brands.
Mytheresa’s product categories include women’s, men’s and children’s clothing, shoes, handbags, accessories, jewelry, beauty products and selected home and lifestyle goods. The company combines digital retail with editorial content, personalized services and customer support, and also operates a flagship store in Munich.
Mytheresa traces its origins to a luxury fashion boutique established in Munich in 1987 and launched its online business in 2006.
