LuxExperience B.V. (LUXE) Q4 2024 earnings summary

Executive summary

• Achieved strong revenue and GMV growth in FY24, with H2 and Q4 showing double-digit increases and significant improvement in profitability, led by the US market and top customer engagement.

• US market GMV grew 22.8% in FY24, now representing 19.9% of total GMV and 20% of net sales; Europe improved, while Asia faced ongoing headwinds.

• Reinforced leadership in the luxury digital sector through exclusive brand partnerships, high-impact events, and a focus on high-spending top customers.

• Maintained a stable active customer base at 852,000, with top customer base up 3.4% and average spend per top customer up 4.6% in Q4.

• Customer satisfaction remained high, with a Net Promoter Score of 83% in Q4 FY24.

Financial highlights

• FY24 GMV was €913.6M (+7.1% YoY); Q4 GMV €239.3M (+7.8% YoY); FY24 net sales €840.9M (+9.8% YoY); Q4 net sales €223.2M (+9.7% YoY).

• Adjusted EBITDA for FY24 was €25.8M (3.1% margin); Q4 adjusted EBITDA was €10.6M (4.7% margin); H2 adjusted EBITDA margin improved to 4.3%.

• Gross profit margin in Q4 was 47.4%, with full-year margin at 45.7%; margin slippage reduced to 150bps in Q4.

• Net loss for FY24 was €24.9M, compared to €17.0M in FY23; adjusted net income for FY24 was €7.7M (0.9% margin).

• Positive operating cash flow for the year; cash and cash equivalents at €15.1M at FY24 end; no bank debt.

Outlook and guidance

• FY25 guidance: GMV and net sales growth of 7–13%, adjusted EBITDA margin of 3–5%.

• H1 and H2 top-line growth expected to be similar, with H2 profitability to exceed H1.

• Medium-term outlook targets high-teens to low-twenties GMV growth as macro conditions normalize.

• Cautiously optimistic due to ongoing macro uncertainties, especially in Asia.