LuxExperience has reported Q3 results for its legacy Mytheresa business and said it saw a “solid” net sales rise of almost 4% plus “continued strong adjusted EBITDA profitability at a 4% margin”.

Q3 of FY25 covers the three months to the end of March and the company said it saw the growth despite a tough market environment.

Highlights included what it called an “outstanding” Average Order Value, continued gross margin expansion, falling return rates, record-high NPS and “strong profitability”, although it remains loss-making on a reported net income basis.

LuxExperience CEO Michael Kliger hailed “the strength of the Mytheresa business model. Solid GMV growth, higher top customer spend, continued product margin expansion and strong profitability [that] show the health and resilience of the Mytheresa business despite macro headwinds”.

He also said the numbers “underline the fantastic prospects for the recently acquired Yoox Net-A-Porter business. We continue to demonstrate our ability to execute well and achieve strong results under macro uncertainties where other players fail. Combined we will create the leader in global digital, multi-brand luxury with strong profitability and growth.”

So let’s dive into the details. Mytheresa saw a net sales increase of 3.8% year-on-year to €242.5 million, although in the year to date, net sales rose 8% so the latest quarter did see a slowdown.

GMV growth was 3.8% to €261.3 million and Average Order Value increased by 8.8% to €753. The gross profit margin of 44.8% was an increase of 140 BPs year-on-year.

Adjusted EBITDA of €9.3 million was up from €8.9 million a year ago and the adjusted EBITDA margin edged up to 3.9% from 3.8%, although again, this lagged the full year so far that was at 4.3%.

Of course, we can’t ignore the fact that the company remains loss-making with the loss this time being €5.5 million for the quarter, wider than the €3.3 million of Q3 a year earlier. And for the year to date the loss was €33.7 million, more than the €21.3 million loss of the previous year to date.

But the company also said that adjusted net income this time was positive at €5.4 million compared to €3.8 million 12 months earlier and for the year to date the adjusted net profit figure was €21.4 million, much more than the €3.2 million of the previous ninemonth period. Adjusting items included major one-off costs linked to closing a distribution centre, professional fees and legal expenses.

Returning to the highlights of the latest period, the company said it saw an expansion of its partnership with Prada to global distribution rights including the US; a successful two-week immersive Aspen Après-Ski experience in cooperation with Bemelmans in Aspen, with strong acquisition of new high-net-worth customers; the launch of exclusive capsule collections and pre-launches in collaboration with Loewe, Etro, Balenciaga, Manolo Blahnik, Saint Laurent, Bottega Veneta, Valentino Garavani, Toteme, Tod’s and many more; impactful Top Customer events around the globe and “money-can’t buy” experiences in partnership with luxury brands; and “outstanding customer satisfaction” with a Net Promoter Score of 86% in Q3 FY25.

But the company still clearly faces challenges. As mentioned, it remains loss-making on a reported basis and also said that “given the recent uncertainties on tariffs and their effects on customer sentiment”, it’s cautious on sales and GMV expectations.

“We now expect for GMV and net sales growth the lower end of our given guidance of 7% to 13% for the full fiscal year ending June 30 2025 for the legacy Mytheresa standalone business,” it said. But it added: “Given our continuous focus on profitability we confirm our guidance for adjusted EBITDA margin in the range of 3% and 5%”.

As for YNAP, its completed acquisition in Q4 is expected to add another €300 million-€350 million net sales and an adjusted EBITDA loss of between €20 million and €30 million added to the legacy Mytheresa standalone business’s FY25 numbers.

But it’s “very excited for the medium- and long-term outlook of the combined business. With our proven ability to execute and to show strong results we confirm our medium-term outlook for the combined business” to achieve around €4 billion net sales per year and an adjusted EBITDA margin of 7%-9%.

Starting with the Q4 results, the company will be reporting in three operating segments: Luxury – Mytheresa (that is, the legacy Mytheresa standalone business); Luxury – NAP & MRP (Net-A-Porter and Mr Porter); and Off-Price (the Yoox and The Outnet businesses).