3Q EPS: Mytheresa Leads; Profitability Improving As Turnaround Takes Shape

研报英文原文证据摘录

3Q EPS: Mytheresa Leads; Profitability Improving As Turnaround Takes Shape

eCommerce Platforms

LuxExperience B.V.

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 19, 2026

Price: $6.87 (05/19/2026) 3Q EPS: Mytheresa Leads; Profitability

Price Target: $8.00 (Prior $12.00) Improving As Turnaround Takes Shape

BUY (1)

ESG SCORE: 57/100

Oliver Chen, CFA THE TD COWEN INSIGHT

646 562 1424

Continued strength at Mytheresa, with sales +9.9% in 3Q, driven by +18.6% top customer

oliver.chen@tdsecurities.com

growth & +12.5% AOV, reflecting success in driving full-price, high-value demand. Most

Gabriella Garr encouraged by (1) 2nd consecutive quarter of positive Adj. EBITDA margin; (2) Mytheresa

646 562 1356 continues to take share amid tough macro; (3) Signs of turnaround at NAP/MRP (GM +700bps)

gabriella.garr@tdsecurities.com

and YOOX (SG&A leverage & margin improvement).

Jonna Kim, CFA

646 562 1419 Mytheresa Continues To Shine; Improvement At Other Segments. We continue to see

jonna.kim@tdsecurities.com strength at Mytheresa, with topline up +9.9% and gross margin improving to 47.1%, up

Julia Shelanski +240bps y/y, driven by full-price selling, higher mix of luxury, and strong brand relationships

646 562 1459 enabling exclusives. Sales at NAP/MRP declined ~5% y/y, but early greenshoots include +7.9%

julia.shelanski@tdsecurities.com AOV and +700bps of gross margin improvement, driven by higher full price sales. At YOOX,

the company continues restructuring efforts, rationalizing overseas markets with higher

Key Data

cost to serve. Sales declined -7.4%; however, gross margins improved +620bps. Importantly,

Symbol NYSE: LUXE

declines at NAP/MRP and YOOX reflect deliberate actions to reduce promotional activity and

Beta: 1.17

focus on higher-value customers, supporting margin improvement.