LuxExperience BV (LUXE) 2025 Q3 法說會逐字稿

Greetings and welcome to LuxExperience third quarter fiscal year 2025 earnings conference call. (Operator Instructions). Today's call is being recorded, and we have allocated one hour for prepared remarks in Q&A. It is now my pleasure to introduce your host, Martin Beer, Chief Financial Officer of LuxExperience. Thank you, sir. Please begin.

問候並歡迎參加 LuxExperience 2025 財年第三季財報電話會議。（操作員指令）。今天的電話會議正在錄音，我們預留了一個小時的時間來問答環節的準備好的發言。現在我很高興介紹您的主持人，LuxExperience 的財務長 Martin Beer。謝謝您，先生。請開始。

Thank you, operator, and welcome everyone to the LuxExperience investor conference call for the third quarter of fiscal year 2025, our first investor conference call since we closed the acquisition of YOOX NET-A-PORTER and changed our company name to LuxExperience to reflect the best of the combined companies. So this call is dedicated to the fiscal Q3 results of the legacy Mytheresa standalone business. With me today is our CEO, Michael Kliger.

謝謝接線員，歡迎大家參加 2025 財年第三季 LuxExperience 投資者電話會議，這是我們完成對 YOOX NET-A-PORTER 的收購並將公司名稱更改為 LuxExperience 以反映合併後公司的最佳表現以來的首次投資者電話會議。因此，本次電話會議專門討論傳統 Mytheresa 獨立業務的第三季財務表現。今天和我一起的是我們的執行長 Michael Kliger。

Before we begin, we would like to remind you that our discussions today will include forward-looking statements. Any statements we make about expectations or forward-looking statements are subject to risks and uncertainties, including the risks and uncertainties described in our annual report.

在我們開始之前，我們想提醒您，我們今天的討論將包括前瞻性陳述。我們所做的任何有關預期或前瞻性陳述均受風險和不確定性的影響，包括我們年度報告中所述的風險和不確定性。

Many factors could cause actual results that differ materially. We are under no duty to update forward-looking statements. In addition, we will refer to certain financial measures, not reported in accordance with the IFRS on this call. You can find reconciliations of these non-IFRS financial measures in our press release, which is available on our Investor Relations website at investors.luxexperience.com.

許多因素可能導致實際結果大不相同。我們沒有義務更新前瞻性陳述。此外，我們將在本次電話會議上參考某些未依照國際財務報告準則報告的財務指標。您可以在我們的新聞稿中找到這些非國際財務報告準則財務指標的對帳表，該新聞稿可在我們的投資者關係網站 investors.luxexperience.com 上找到。

I will now turn the call over to Michael.

現在我將把電話轉給麥可。

Thank you, Martin. Also, from my side, a very warm welcome to all of you and thank you for joining our call. We will comment today on the results and performance of our third quarter of fiscal year 2025.

謝謝你，馬丁。此外，我還要向大家表達熱烈的歡迎，感謝大家參加我們的電話會議。今天我們將對 2025 財年第三季的業績和表現發表評論。

We are of course truly excited to have completed the acquisition of YOOKS NET-A-PORTER on April 23 and to now operate the leading global luxury multi-brand retail group under the name LuxExperience. This acquisition brings together some of the most iconic brands in digital, luxury, retail and will generate enormous value for our customers, brand partners, and shareholders.

我們當然非常高興能夠在 4 月 23 日完成對 YOOKS NET-A-PORTER 的收購，並以 LuxExperience 的名義經營全球領先的奢侈品多品牌零售集團。此次收購匯集了數位、奢侈品、零售領域一些最具代表性的品牌，將為我們的客戶、品牌合作夥伴和股東創造巨大的價值。

LuxExperience is now the pre-eminent multi-brand group in digital luxury with combined net sales of around EUR3 billion. Our medium term ambition is to reach EUR4 billion in net sales and 7% to 9% adjusted EBITDA margin. We will provide much more details on the just completed acquisition tomorrow in a separate investor call.

LuxExperience 現在是數位奢侈品領域首屈一指的多品牌集團，總淨銷售額約為 30 億歐元。我們的中期目標是實現淨銷售額 40 億歐元，調整後 EBITDA 利潤率達到 7% 至 9%。我們將在明天的單獨投資者電話會議上提供有關剛完成的收購的更多細節。

As we now embark on the exciting new chapter as LuxExperience, I'm very proud to see our company in a very healthy and strong position. I'm specifically very pleased with our results in the third quarter of fiscal year 2025. With solid revenue growth and positive adjusted EBITDA, we continued to demonstrate our ability to execute well and achieve strong results on the continued macro uncertainties where other players fail.

當我們以 LuxExperience 的身份開啟令人興奮的新篇章時，我很自豪地看到我們公司處於非常健康和強大的地位。我對我們 2025 財年第三季的業績感到非常滿意。憑藉穩健的收入成長和正的調整後 EBITDA，我們繼續證明了我們能夠在其他參與者失敗的持續宏觀不確定性中出色地執行並取得強勁業績。

We are a leader in a clearly consolidating sector and continue to display the unique characteristic of profitable growth. Our improved cost margin, the strong growth of top customer spend, the outstanding high average order value, and the excellent customer satisfaction, all highlight the fundamental strengths of our business model.

我們在這個明顯整合的行業中處於領先地位，並繼續展現出獲利成長的獨特特徵。我們提高的成本利潤率、頂級客戶支出的強勁成長、出色的平均訂單價值以及出色的客戶滿意度，都凸顯了我們商業模式的根本優勢。

I wish to highlight today three key messages to you that make us stand out in the third quarter and demonstrate the strength of the Mytheresa business despite ongoing macro uncertainty.

今天，我想向大家強調三個關鍵訊息，這些訊息使我們在第三季度脫穎而出，並展示了 Mytheresa 業務在宏觀不確定性持續存在的情況下的實力。

First, our unique focus on high spending, wardrobe-building luxury shoppers drove again our solid profitable growth around the world. We build a community for true luxury end-users and we create desirability with them also through unique physical experiences.

首先，我們特別關注高消費、渴望打造衣櫥的奢侈品購物者，這再次推動了我們在全球實現穩健的獲利成長。我們為真正的奢侈品終端用戶建立一個社區，並透過獨特的實體體驗激發他們的渴望。

Second, the strong relationship that we have with big-spending, wardrobe-building luxury customers continues to drive the desire by luxury brands to partner with us. This gave us again access to many exclusive capsule collections and pre-launch campaigns that in turn drove our global business growth in the third quarter of this year 2025.

其次，我們與那些揮金如土、熱衷於打造衣櫥的奢侈品消費者之間建立的牢固關係，繼續推動著奢侈品牌與我們合作的願望。這使我們再次獲得了許多獨家膠囊系列和預發布活動的機會，進而推動了我們今年 2025 年第三季的全球業務成長。

Third, our very resilient and consistent business model and execution allowed us to significantly improve many of our key performance indicators in the third quarter. Expanding gross margin, outstanding AOV, and increasing top customer spends were again drivers for improving profitability in terms of adjusted EBITDA in the third quarter.

第三，我們極具彈性和一致性的商業模式和執行力使我們在第三季度顯著改善了許多關鍵績效指標。毛利率的擴大、平均訂單價值的提升以及頂級客戶支出的增加再次成為第三季調整後 EBITDA 獲利能力提升的驅動力。

Let me now comment in more detail on these three messages. First, let's look at how building a global community for luxury enthusiasts is driving our business. In the third quarter, our GMV with top customers grew by plus 7.8% compared to the prior year period, underlining resilience of top customers to macro headwinds. This growth was largely driven by an outstanding increase of the average spend per top customer in terms of GMV by plus 17.9% in Q3 fiscal year '25 versus Q3 fiscal year '24.

現在讓我更詳細地評論這三個訊息。首先，讓我們看看如何為奢侈品愛好者建立一個全球社群來推動我們的業務。第三季度，我們與頂級客戶的 GMV 較去年同期成長了 7.8%，凸顯了頂級客戶對宏觀逆風的抵禦能力。這一成長主要得益於 2025 財年第三季與 2024 財年第三季相比，每位頂級客戶的平均消費（以 GMV 計算）大幅成長 17.9%。

In the United States, our business with our top customers even grew by plus 12%, driven by the impressive growth of average spend per US top customer of plus 17.8%. We mentioned already in the last quarter, our two-week immersive invite-only apres-ski experience in Aspen in collaboration with Bemelmans' bar. This is a great example of how we are able to attract high net worth customers in the United States.

在美國，我們與頂級客戶的業務甚至成長了 12%，這得益於美國頂級客戶平均消費額大幅成長 17.8%。我們在上一季就已經提到過，我們與 Bemelmans 酒吧合作，在阿斯彭推出了為期兩週的沉浸式滑雪後體驗，僅限受邀者參加。這是我們如何吸引美國高淨值客戶的一個很好的例子。

Over 1,800 guests were seated over 17 days in the pop-up, and over 2,300 contact details were captured with 56% registrants being new contacts. Since signing up for the event, guests have generated a total revenue of EUR830,000 and their repurchase rate is already at 48%.

在 17 天內，超過 1,800 名客人在彈出視窗中就座，並獲取了超過​​ 2,300 個聯絡方式，其中 56％ 的註冊者是新聯絡人。自從報名參加活動以來，嘉賓們已經創造了83萬歐元的總收入，回購率已經達到48%。

Our clear ambition is to build the strongest relationships with our top customers, and we therefore constantly engage with them. In the third quarter, we hosted again various events for our top customers across the globe.

我們的明確目標是與我們的頂級客戶建立最牢固的關係，因此我們不斷與他們合作。第三季度，我們再次為全球頂級客戶舉辦了各種活動。

Examples include Style Street in Miami, Dusseldorf, San Francisco, New York, and Hong Kong. We hosted Michelin Star dinners in Houston and Washington, D.C. We invited top customers to an intimate lunch with the Khaite in the Khaite showroom, allowing top customers to meet with Catherine Holstein, Founder and Creative Director of Khaite, as well as seeing the latest pieces from the newest collection.

例如邁阿密、杜塞爾多夫、舊金山、紐約和香港的時尚街。我們在休士頓和華盛頓特區舉辦了米其林星級晚宴。我們邀請頂級客戶與 Khaite 在 Khaite 展廳共進私人午餐，讓頂級客戶有機會與 Khaite 的創始人兼創意總監 Catherine Holstein 會面，並觀看最新系列的最新作品。

Together with Caroline Herrera, we welcomed top customers at the Hotel de Creon, where Creative Director Wes Gordon shared the inspiration and artistry behind his latest runway collection, followed by a lunch with himself.

我們與 Caroline Herrera 一起在 Hotel de Creon 接待了頂級客戶，創意總監 Wes Gordon 在那裡分享了他最新時裝系列背後的靈感和藝術，隨後與他共進午餐。

Moreover, we partnered again with Porsche for a driving experience in Los Angeles and for the first time with It's Fast Ice Race inviting ten top customers to a motorsport ride, racing experience on ice in Austria, including a cocktail moment with Ferdinand Porsche. Please see our investor presentation for more details on our various top customers.

此外，我們再次與保時捷合作，在洛杉磯舉辦駕駛體驗活動，並首次與 It's Fast Ice Race 合作，邀請十位頂級客戶參加賽車運動，在奧地利體驗冰上賽車，包括與費迪南德保時捷共進雞尾酒時光。請參閱我們的投資者介紹，以了解有關我們各大客戶的更多詳細資訊。

To fulfill our ambition, to build a community for luxury enthusiasts through digital and physical experiences, we organize for our top customers true-money-can't-buy experiences. In the third quarter, top customers were invited to an event with Alaya and Venice, including a dinner on the first night at the famous Harry's Bar, a private tour for the very first time in the renowned knitwear factory in [Vishtensa] and a beautiful dinner to conclude the event at Villa [Payalmara].

為了實現我們的願望，透過數位和實體體驗為奢侈品愛好者建立一個社區，我們為頂級客戶組織了真正的金錢買不到的體驗。在第三季度，頂級客戶受邀參加 Alaya 和 Venice 舉辦的活動，包括第一晚在著名的 Harry's Bar 共進晚餐、首次在 [Vishtensa] 著名針織廠進行私人參觀，以及在 Villa 舉行的精美晚宴。[帕亞爾馬拉]。

We hosted an exclusive dinner with the Creative Director Christopher Esber of the Namesake brand at Loulou Restaurant during Paris fashion. We hosted a two-day experience with Patou in Paris to celebrate the exclusive capsule collection for Mytheresa.

巴黎時裝週期間，我們在 Loulou 餐廳與同名品牌創意總監 Christopher Esber 共進晚餐。我們與 Patou 在巴黎舉辦了為期兩天的體驗活動，以慶祝 Mytheresa 的獨家膠囊系列。

The first day included an afternoon tea at the private apartment of the brand's Creative Director, Guillaume Henri, followed by an elegant dinner at [Brasserie lele]. The second day, top customers were invited to explore Paris with a curated guide to the city's hidden gems by Guillaume, concluding with an intimate lunch at [Brasserie lup].

第一天包括在品牌創意總監 Guillaume Henri 的私人公寓享用下午茶，然後在[啤酒館lele]。第二天，頂級客戶受邀在 Guillaume 精心策劃的巴黎隱藏瑰寶指南下探索巴黎，最後在[啤酒館]。

Together with Pomellato, we also hosted top customers for a two-day [Neena] experience, including a private tour of the renowned Casa Pomellato factory, an elegant dinner at [Krakow in Galeria], a Polato showroom visit, a private guided tour of Casa Contatti, and a lunch at the iconic [Beacher] restaurant.

我們還與 Pomellato 合作，為頂級客戶舉辦了為期兩天的 [Neena] 體驗活動，包括參觀著名的 Casa Pomellato 工廠、在 [Krakow in Galeria] 享用優雅晚餐、參觀 Polato 展廳、私人導覽參觀 Casa Contatti 以及在標誌性的 [Beacher] 餐廳享用午餐。

Finally, we hosted the Texan experience with Pucci to celebrate the launch of the exclusive Pucchi capsule collection in Austin. The afternoon started with an intimate cocktail moment with Pucci's Artistic Director, Camille Miceli, followed by a cocktail party at the famous Austin Hotel where guests were treated to custom cowboy head-shaping, a live country music band, and lively two-step dance performances.

最後，我們與 Pucci 共同舉辦了德州體驗活動，慶祝在奧斯汀推出獨家 Pucchi 膠囊系列。下午的活動以與 Pucci 藝術總監 Camille Miceli 的親密雞尾酒會開始，隨後在著名的奧斯汀酒店舉行雞尾酒會，客人們可以欣賞到定制牛仔頭飾、現場鄉村音樂樂隊和活潑的兩步舞表演。

In addition to providing our top customers memorable experience, such events also create brand awareness for Mytheresa brands through global social media amplification. Please see our investor presentation for more details on these unique money-can-buy experiences.

除了為我們的頂級客戶提供難忘的體驗之外，此類活動還透過全球社交媒體的擴大為 Mytheresa 品牌建立品牌知名度。請參閱我們的投資者介紹，以了解有關這些獨特的金錢可以買到的體驗的更多詳細資訊。

Second, our strong relationship with such customers clearly drives the desire of luxury brands to partner. One evidence for the strong trust and support we enjoy is the recent expansion of our partnership with Prada, which allows us now to distribute Prada products globally, effectively doubling our reach and our business potential with the brand.

其次，我們與此類客戶的牢固關係顯然推動了奢侈品牌的合作意願。我們與 Prada 的合作關係近期有所擴大，證明我們獲得了強有力的信任和支持，這使得我們現在可以在全球範圍內分銷 Prada 產品，從而有效地加倍了我們與該品牌的影響力和業務潛力。

The third quarter saw again many high impact campaigns and exclusive product launches that drove our global business growth with high spending wardrobe buildings capsules. We launched exclusive womenswear and menswear runway looks from Loewe, as well as exclusive bags and accessories from the Loewe Lunar New Year collection for women.

第三季再次出現了許多高影響力的活動和獨家產品發布，這些活動和產品以高消費的衣櫃建築膠囊推動了我們的全球業務成長。我們推出了 Loewe 的獨家女裝和男裝走秀造型，以及 Loewe 農曆新年系列女士獨家包袋和配件。

We launched an exclusive capsule collection by Manolo Blahnik for women's wear and menswear, only available at Mytheresa. We were the exclusive pre-launch partner for Toteme's key lock clutch bags and the Toteme card holder collection, as well as actual spring summer '25 collection.

我們推出了 Manolo Blahnik 女裝和男裝獨家膠囊系列，僅在 Mytheresa 有售。我們是 Toteme 鑰匙鎖手拿包和 Toteme 卡夾系列以及實際 25 年春夏系列的獨家預發布合作夥伴。

We also launched exclusive womenswear styles from Balenciaga's Summer '25 collection and exclusive menswear styles from Tod's Spring Sumer 25 collection. Please see our investor presentation for more details on brand collaborations in the third quarter.

我們還推出了巴黎世家 (Balenciaga) 25 年夏季系列的獨家女裝款式和托德斯 (Tod's) 25 年春季夏季系列的獨家男裝款式。有關第三季度品牌合作的更多詳細信息，請參閱我們的投資者介紹。

Such unique offers drove the interest by wardrobe building, big luxury spenders and thereby our solid top line in the third quarter of fiscal year '25. We grew our net sales by plus 3.8% compared to Q3 for fiscal year '24. The first nine months of fiscal year '25, net sales grew by plus 8%.

這類獨特的優惠活動引起了衣櫥打造者和奢侈品消費者的興趣，從而為我們 25 財年第三季帶來了穩健的營收。與 24 財年第三季相比，我們的淨銷售額成長了 3.8%。25財年前九個月，淨銷售額成長了8%。

The United States saw similar growth with plus 3.9% in Q3 fiscal year '25, while in Europe, including Germany and the UK, we experienced a very strong net sales growth with plus 8.1% in the third quarter compared to the prior year period.

美國在 2025 財年第三季也實現了類似的成長，成長了 3.9%，而在包括德國和英國在內的歐洲，我們的淨銷售額成長非常強勁，第三季與去年同期相比成長了 8.1%。

Third, in the first quarter of the year '25, we continue to improve our business performance, thanks to our very resilient and consistent business. Martin, will talk in a few minutes about the details of our bottom line results for the third quarter, but let me provide you with some key operational highlights.

第三，2025 年第一季度，由於我們的業務極具彈性且穩定，我們的業務表現持續改善。馬丁，幾分鐘後我們將討論我們第三季的獲利業績細節，但請容許我向您介紹一些關鍵的營運亮點。

We achieved outstanding customer satisfaction measured by our internal net promoter score. It reached a record high of 86% in Q3 fiscal year '25, demonstrating the consistent excellence of our customer service proposition. Our average order value last 12 months increased by plus 8.8% to an outstanding EUR753 in Q3 fiscal '25 demonstrating the success of our focus on selling full price high-end luxury products to top customers.

根據我們的內部淨推薦值衡量，我們獲得了出色的客戶滿意度。25財年第三季度，這一比例達到了創紀錄的86%，證明了我們的客戶服務主張始終如一的卓越性。我們過去 12 個月的平均訂單價值成長了 8.8%，在 25 財年第三季達到了 753 歐元，證明了我們專注於向頂級客戶銷售全價高端奢侈品的成功。

Furthermore, our gross margin improved by 140 basis points, which underlined our successful strategy of full price selling. Our return rates decreased in the third quarter, also contributing to the strong profitability of plus 3.9% in terms of adjusted EBITDA margins.

此外，我們的毛利率提高了 140 個基點，這凸顯了我們全價銷售策略的成功。我們的退貨率在第三季有所下降，這也有助於調整後的 EBITDA 利潤率實現 3.9% 的強勁盈利。

All these operational highlights serve as a testament to the fundamental strengths of our business. With all the above, it should come as no surprise that we are very pleased with our performance in the third quarter of fiscal year 2025.

所有這些營運亮點都證明了我們業務的根本優勢。綜上所述，我們對 2025 財年第三季的業績感到非常滿意，這不足為奇。

We see this quarter as further proof that our business can deliver profitable growth, even under the ongoing macro uncertainties due to the strengths of our model and consistency of our execution. This proven strength and the track record of our teams for excellent execution drives our strong confidence in creating enormous value through the acquisition of YOOX NET-A-PORTER.

我們認為本季進一步證明，即使在持續的宏觀不確定性下，我們的業務也能憑藉我們模式的優勢和執行的一致性實現盈利增長。這種經過驗證的實力以及我們團隊出色的執行力記錄，讓我們有信心透過收購 YOOX NET-A-PORTER 創造巨大的價值。

And now, I hand over to Martin to discuss the financial results in detail.

現在，我把時間交給馬丁來詳細討論財務結果。

Thank you, Michael. As Michael already mentioned, we are very excited about our successful closing of the YOOX NET-A-PORTER acquisition on April 23. The closing in April falls within our fiscal fourth quarter and as such is not reflected in the reported numbers for our fiscal Q3 reporting which covers the period from January to March 2025. For this reason, we will dedicate today's call to Mytheresa's fiscal Q3 reporting.

謝謝你，麥可。正如邁克爾已經提到的，我們對 4 月 23 日成功完成 YOOX NET-A-PORTER 收購感到非常興奮。四月份的交易發生在我們財政第四季度，因此沒有反映在我們財政第三季度（涵蓋 2025 年 1 月至 3 月期間）的報告數字中。因此，我們將今天的電話會議專門討論 Mytheresa 的第三季財務報告。

Tomorrow, on May 15, we have an additional call scheduled to provide more details on the newly formed group structure of LuxExperience, key strategic initiatives, financial details, as well as our plans and strategic direction moving forward. Therefore, let's talk today about our fiscal Q3 reporting ended on March 31, 2025.

明天，即 5 月 15 日，我們將舉行額外的電話會議，提供有關 LuxExperience 新成立的集團結構、關鍵戰略舉措、財務細節以及我們未來的計劃和戰略方向的更多詳細信息。因此，今天我們來談談截至 2025 年 3 月 31 日的第三季財報。

We're very pleased with the financial performance in the third quarter and also in the past nine-months of fiscal year 2025. In the quarter, we achieved a solid net sales growth of plus 3.8%, fully in line with our guidance. Our AOV LTM again increased plus 8.8% to a record high of EUR753 per order delivered.

我們對 2025 財年第三季以及過去九個月的財務表現感到非常滿意。本季度，我們的淨銷售額實現了 3.8% 的穩健成長，完全符合我們的預期。我們的 AOV LTM 再次成長 8.8%，達到每份交貨訂單 753 歐元的歷史新高。

Our gross margin expansion, which we've also seen in the two last quarters continues with now 140 basis points improvement in the quarter. We continued to increase our profitability with an adjusted EBITDA margin of plus 3.9% in the quarter. We also achieved positive operating cash flow of EUR18.7 million with stable inventory levels compared to previous year and achieving our day's inventory outstanding target of 260 days. This underlines Mytheresa's unique position.

我們的毛利率在過去兩季也持續擴大，本季提高了 140 個基點。本季度，我們的獲利能力持續提高，調整後的 EBITDA 利潤率達到 3.9%。我們也實現了 1,870 萬歐元的正營業現金流，庫存水準與上年相比保持穩定，並實現了 260 天的庫存未償付天數目標。這凸顯了 Mytheresa 的獨特地位。

For the track record of profitable growth, at the high end of true luxury in an overall tough market environment. I will now review the financial results for the third quarter covering January 1 through March 31, 2025 in more detail and give additional information on certain key developments affecting our performance during the quarter. Unless otherwise stated, all numbers refer to EUR.

在整體嚴峻的市場環境下，我們保持著獲利成長的記錄，處於真正的高端奢侈品市場。我現在將更詳細地回顧 2025 年 1 月 1 日至 3 月 31 日第三季的財務業績，並提供有關影響我們本季業績的某些關鍵發展的更多資訊。除非另有說明，否則所有數字均指歐元。

In the first quarter, net sales grew by EUR8.9 million, or plus 3.8% to EUR242.5 million as compared to EUR233.6 million in the prior year quarter. The GMV for all customers grew by plus 8.9% while the GMV per top customer grew even stronger by an impressive 17.9% during Q3 of fiscal year '25.

第一季度，淨銷售額成長 890 萬歐元，即成長 3.8%，達到 2.425 億歐元，而去年同期為 2.336 億歐元。2025 財年第三季度，所有客戶的 GMV 成長了 8.9%，而每位頂級客戶的 GMV 成長更為強勁，達到了驚人的 17.9%。

In the first nine-months of fiscal year '25, net sales grew by plus 8% to EUR667.2 million, fully in line with our given top line guidance for the full fiscal year. GMV increased by EUR9.5 million to EUR261.3 million in the third quarter of fiscal year '25, also a plus 3.8% increase from EUR251.9 million in the prior year period.

25 財年前九個月，淨銷售額成長 8%，達到 6.672 億歐元，完全符合我們所給的整個財年營收預期。25 財年第三季度，GMV 增加 950 萬歐元，達到 2.613 億歐元，較去年同期的 2.519 億歐元成長 3.8%。

Increasing by EUR61 for order delivered, our average order value LTM grew by plus 8.8%, now standing at a record high of EUR753 as compared to EUR692 in the prior year period. The increase in AOV strengthens our unit economics and highlights our strategy of full price selling to the high end of luxury.

已交付訂單增加了 61 歐元，我們的平均訂單價值 LTM 成長了 8.8%，目前達到創紀錄的 753 歐元，而去年同期為 692 歐元。AOV 的提升增強了我們的單位經濟效益，並凸顯了我們以全價向高端奢侈品銷售的策略。

Our growth was well balanced worldwide, with our core market Europe growing by plus 8.1% with a net fair share of 53.8%. The US had a share of 22.5%. The rest of the world of 23.7%. In the third quarter of fiscal year '25, gross profit increased by plus 7.2% to EUR108.5 million from EUR101.3 million in the prior year quarter.

我們在全球範圍內實現了均衡成長，其中核心市場歐洲成長了 8.1%，淨公平份額為 53.8%。美國所佔份額為22.5%。世界其他地區佔23.7%。25財年第三季度，毛利從去年同期的1.013億歐元成長7.2%至1.085億歐元。

The gross profit margin increased by EUR140 basis points to 44.8% as compared to 43.4% in Q3 of fiscal year '24. This is fully in line with what we achieved in the preceding quarters. In a less competitive and discount-driven market, we stay true to our strategy of a higher full price share in our curated offer and thus we were able to improve our gross profit margin.

毛利率較24財年第三季的43.4%增加140歐元，至44.8%。這與我們前幾季所取得的成績完全一致。在競爭不那麼激烈、以折扣為主導的市場中，我們堅持在精選商品中提供更高全價份額的策略，因此我們能夠提高毛利率。

In the last nine-months, fiscal year '25, our gross profit margin increased by 150 basis points. The shipping and payment cost ratio decreased by 130 basis points in the third quarter from 15.3% per year to now 14% of GMV. The decrease is mainly driven by continuously improving unit economics, resulting from the increase in AOV and lower return rates.

在過去九個月，也就是25財年，我們的毛利率增加了150個基點。第三季度，運輸和支付成本比率下降了 130 個基點，從每年 15.3% 降至現在的 GMV 的 14%。下降的主要原因是單位經濟效益不斷改善，這得益於平均訂單價值 (AOV) 的增加和退貨率的降低。

The same effect is visible for the first nine months of fiscal year '25, during which the shipping and payment cost ratio decreased by 90 basis points to 13.8% compared to 14.7% in the prior-year period.

25 財年前 9 個月也出現了同樣的效果，運輸和支付成本比率從去年同期的 14.7% 下降了 90 個基點，至 13.8%。

The marketing cost ratio increased from 9.2% to 10.2%. As we continue to invest in capturing market share, we build on our successful strategy of investing, marketing efforts directed towards our top customer base and brand campaigns while maintaining efficiency in targeting high-quality first-time buyers.

行銷費用率由9.2%上升至10.2%。在我們繼續投資以佔領市場份額的同時，我們以成功的投資策略、針對頂級客戶群的營銷努力和品牌活動為基礎，同時保持針對高品質首次購買者的效率。

Throughout the quarter, we increased our marketing activities in line with this approach. The adjusted selling general and administrative SG&A cost ratio in the fiscal third quarter stood at 13% lower what we've seen in previous quarters. In relation to fiscal Q3 of the previous year, the cost ratio increased modestly by 80 basis points from 12.2% to 13%.

整個季度，我們按照這種方法增加了行銷活動。第三財季調整後的銷售、一般及行政管理費用 (SG&A) 比率比前幾季低 13%。與去年第三財季相比，成本率小幅上升 80 個基點，從 12.2% 上升至 13%。

During the first nine months of fiscal year '25, adjusted SG&A cost ratio decreased by 40 basis points, 14% prior year period for now 13.6%. In Q3 of fiscal '25, adjusted EBITDA increased by EUR0.5 million to EUR9.3 million from EUR8.9 million in the prior year quarter. Adjusted EBITDA margin increased from 3.8% to 3.9%.

在 25 財年的前九個月中，調整後的銷售、一般及行政費用比率下降了 40 個基點，從去年同期的 14% 降至目前的 13.6%。25 財年第三季度，調整後 EBITDA 從去年同期的 890 萬歐元增加 50 萬歐元至 930 萬歐元。調整後的 EBITDA 利潤率從 3.8% 上升至 3.9%。

For the first nine months of fiscal year '25, adjusted EBITDA increased significantly by EUR13.2 million at an adjusted EBITDA margin of 4.3% compared to 2.5% in the previous year period, fully supporting our guidance for the full fiscal year.

25 財年前九個月，調整後 EBITDA 大幅增加 1,320 萬歐元，調整後 EBITDA 利潤率為 4.3%，而去年同期為 2.5%，完全支持我們對整個財年的預期。

Depreciation and amortization remained stable at EUR3.9 million and 1.5% of GMV in Q3 of fiscal year '25 compared to the previous year period. Our profitable growth is also evident at adjusted operating income and adjusted net income level.

與去年同期相比，25 財年第三季的折舊和攤提保持穩定，為 390 萬歐元，佔 GMV 的 1.5%。我們的獲利成長在調整後的營業收入和調整後的淨收入水準上也得到了體現。

In the third quarter of fiscal year '25, adjusted operating income was at EUR5.5 million, a 20 basis points increased margin at 2.3%. For the first nine months in fiscal year '25, adjusted operating income was at EUR16.6 million, at 2.5% margin, with a significant improvement to the previous year. We also delivered positive adjusted net income in the quarter at EUR5.4 million and for the first nine months of fiscal '25, adjusted net income was at EUR21.4 million at a 3.2% margin, also significantly improving from last year.

25財年第三季度，調整後的營業收入為550萬歐元，利潤率增加20個基點至2.3%。25財年前九個月，調整後營業收入為1,660萬歐元，利潤率為2.5%，較上年有顯著改善。本季我們也實現了調整後淨收入 540 萬歐元，25 財年前九個月的調整後淨收入為 2,140 萬歐元，利潤率為 3.2%，也比去年有顯著提高。

Let's take a look at the cash flow statement. During the third quarter of fiscal year '25, we achieved a positive cash flow for operating activities of plus EUR18.7 million compared to minus EUR11.6 million in the previous year quarter. This is a EUR30.3 million positive cash flow driven by effective working capital management.

我們來看看現金流量表。在 25 財年第三季度，我們的營運活動現金流為正 1,870 萬歐元，而去年同期為負 1,160 萬歐元。這是由有效的營運資本管理所推動的3,030萬歐元正現金流。

For the first nine months, operating cash flow only used up EUR13.9 million compared to EUR26.4 million in the prior period. This is mainly driven by our careful management of inventory levels. Our inventory stood at EUR372.8 million, fully stable compared to the beginning of the fiscal year and despite an 8% net sales growth in the first nine months of fiscal year '25.

前九個月，經營現金流僅消耗1,390萬歐元，而上一期為2,640萬歐元。這主要得益於我們對庫存水準的精心管理。我們的庫存為 3.728 億歐元，與財年初相比完全穩定，儘管 25 財年前 9 個月的淨銷售額增長了 8%。

As of March 31, '25, our days inventory outstanding were right at our long term target of 260 days. Cash flow from investing only used up EUR0.6 million in the quarter and only EUR2.3 million in the first nine months of fiscal year '25. The heavy investments in our new tech platform and the move to a new center warehouse all have been completed successfully and we're now returning to our expected, long-term CapEx average of below 1% of GMV.

截至 2025 年 3 月 31 日，我們的庫存週轉天數剛好達到我們的長期目標 260 天。本季投資現金流僅用掉 60 萬歐元，25 財年前九個月僅用掉 230 萬歐元。我們對新技術平台的大量投資以及向新中心倉庫的搬遷均已成功完成，現在我們正在恢復預期的長期資本支出平均值，即低於 GMV 的 1%。

We ended the quarter with EUR14.2 million cash at hand and a EUR25 million cash utilization of our EUR75 million revolver. The solid financial performance in the third quarter of fiscal year '25 is fully in line with our expectations and supports are given guidance for the full fiscal year on all levels.

本季末，我們手頭上有 1,420 萬歐元現金，並使用了 7,500 萬歐元循環信貸中的 2,500 萬歐元現金。25財年第三季穩健的財務表現完全符合我們的預期，並為整個財年在各個層面提供了指導支援。

The new tariff situation and especially its impact on customer sentiment and the global economy still remains unclear. We therefore for the full fiscal year ending June 30, 2025 expect the lower end of our given guidance of GMV and net sales growth between 7% and 13% for the legacy Mytheresa stand-alone business.

新的關稅情況及其對消費者情緒和全球經濟的影響仍然不明朗。因此，我們預計，截至 2025 年 6 月 30 日的整個財政年度，Mytheresa 獨立業務的 GMV 和淨銷售額成長率的下限將在 7% 至 13% 之間。

Given our continued focus on profitability, we confirm our guidance on adjusted EBITDA margin between 3% and 5%. The acquisition of YOOX NET-A-PORTER in the fourth quarter of our fiscal year '25 is expected to add another EUR300 million to EUR350 million net sales and then adjusted EBITDA loss of EUR20 million to EUR30 million to the legacy Mytheresa stand-alone business fiscal year '25 numbers, ending on June 30, 2025.

鑑於我們持續關注獲利能力，我們確認調整後的 EBITDA 利潤率預期在 3% 至 5% 之間。我們於 2025 財年第四季收購 YOOX NET-A-PORTER，預計將為 Mytheresa 獨立業務 2025 財年（截至 2025 年 6 月 30 日）的業績再增加 3 億至 3.5 億歐元的淨銷售額，並調整 EBITDA 虧損 2000 萬至 3000 萬至 3000 萬歐元。

With all of the above, it comes as no surprise that we are very confident in the continued success of Mytheresa business as a cornerstone of our new LuxExperience Group. With the successful closing of the acquisition of YOOX NET-A-PORTER, we are very excited for the medium and long-term outlook of the combined business.

綜上所述，我們對 Mytheresa 業務作為我們新 LuxExperience 集團的基石的持續成功充滿信心，這並不奇怪。隨著 YOOX NET-A-PORTER 收購的成功完成，我們對合併後業務的中長期前景感到非常興奮。

With our proven ability to execute and to show strong results, we reconfirm our medium-term outlook for the combined business to achieve EUR4 billion net sales and an adjusted EBITDA margin of 7% to 9%.

憑藉我們已證明的執行能力和強勁的業績，我們再次確認合併後業務的中期前景，即實現 40 億歐元的淨銷售額和 7% 至 9% 的調整後 EBITDA 利潤率。

And our tomorrow's call, we will provide more details on our exciting journey ahead. And therefore would welcome very much your participation in tomorrow's call on LuxExperience. And with that, I hand over to Michael for his concluding remarks.

在明天的電話會議上，我們將提供有關未來令人興奮的旅程的更多細節。因此，非常歡迎您參加明天關於 LuxExperience 的電話會議。最後，我將時間交給麥可做總結發言。

Thank you, Martin. We are very pleased with our third quarter fiscal year 2025 earnings results. We have seen a continued performance improvement this quarter. With this strength and consistency of our business model, we see ourselves well positioned for any further macro uncertainties. We continue to focus on building a community for true luxury enthusiasts worldwide and creating desirability through digital and physical experience.

謝謝你，馬丁。我們對 2025 財年第三季的獲利結果非常滿意。本季我們看到業績持續改善。憑藉我們業務模式的優勢和一致性，我們認為自己能夠很好地應對任何進一步的宏觀不確定性。我們將繼續致力於為全球真正的奢侈品愛好者建立一個社區，並透過數位和實體體驗創造吸引力。

We see ourselves as well prepared for the formation of LuxExperience and the transformation of the combined business to the world leading multi-brand digital luxury platform, creating significant value for our high-end customers, brand partners, and shareholders.

我們認為自己已經為 LuxExperience 的成立以及合併後的業務向世界領先的多品牌數位奢侈品平台轉型做好了充分準備，為我們的高端客戶、品牌合作夥伴和股東創造了巨大的價值。

And with that, I ask the operator to open the line for your questions.

現在，我請接線生開通熱線來回答你們的提問。

Thank you, ladies and gentlemen. We will now begin the question-and-answer session. (Operator Instructions)

謝謝各位，女士們、先生們。我們現在開始問答環節。（操作員指示）

Oliver Chen, TD Cowen.

奧利弗·陳（Oliver Chen），TD Cowen。

Hi there. This is Katie on for Oliver Chen. I'd like to ask a question about the 4Q sales guidance and what's assumed for the legacy Mytheresa business. I know you spoke to sales, sort of at the lower end of the original fiscal year guidance. Can you talk through your assumptions for the consumer health and consumer reaction to the current environment and how that's derived from any trends you saw during the quarter or even quarter to date, and then what's assumed for both pricing as well as the number of orders, and then I'll have a follow up. Thank you.

你好呀。我是凱蒂，為奧利佛陳 (Oliver Chen) 轉播。我想問一個關於第四季銷售指引的問題，以及對傳統 Mytheresa 業務的假設。我知道您談到了銷售額，這大概是原始財政年度指導的低端。您能否談談您對消費者健康狀況和消費者對當前環境的反應的假設，以及這些假設是如何從您在本季度甚至本季度迄今為止看到的任何趨勢中得出的，然後對定價和訂單數量的假設是什麼，然後我會進行跟進。謝謝。

Thank you. I'm happy to give a bit of insight on the assumptions, but of course, mathematically, it's pretty clear what we assume if we believe we're at the lower end. I think the biggest challenge at the moment looking at Q4 is of course understanding how further decisions by the administration would influence consumer sentiment.

謝謝。我很樂意對這些假設提供一些見解，但當然，從數學上講，如果我們認為我們處於較低端，那麼我們的假設就非常清楚了。我認為目前第四季面臨的最大挑戰當然是了解政府的進一步決定將如何影響消費者情緒。

We have seen a lot of decisions at the beginning of April, some of them were reversed. We saw very positive development on Monday. So we at the moment expect a slower demand in the last quarter based on uncertainty, particularly in the North American market as we highlighted today in our call, the strongest region in Q3 was Europe with 8%.

我們在四月初看到了很多決定，其中一些被推翻了。我們在周一看到了非常積極的進展。因此，基於不確定性，我們目前預計上個季度的需求將會放緩，尤其是北美市場，正如我們今天在電話會議上所強調的那樣，第三季最強勁的地區是歐洲，增幅為 8%。

US, North America used to be the strongest region, so that's where we feel uncertainty and therefore caution is warranted as we simply don't know. I mean how new changes would influence our business model of sending products through customs into North America. So current decreases for China, made in China tariffs are great.

美國、北美曾經是最強大的地區，因此我們在那裡感到不確定，因此需要謹慎，因為我們根本不知道。我的意思是新的變化將如何影響我們將產品通過海關運送到北美的商業模式。因此，目前中國製造的關稅下降幅度很大。

There was a report that the minimus would be abolished. So these are all factors which we don't have specific assumptions other than we we feel, we expect further uncertainties and that has dampened demand effects. I don't know, Martin, you want to add anything.

有通報最低工資制度將被廢除。因此，這些都是我們沒有具體假設的因素，除了我們的感覺，我們預期會有進一步的不確定性，這會抑制需求效應。我不知道，馬丁，你想補充什麼。

Yeah, I mean, but you picked up the growth assumption for Q4, right? And it's mathematically just easily done. I mean, fiscal year-to-date for the first nine months. We grew 8% net sales. So if we guide to the lower end of the 7% to 13% top line growth, that would imply that we are -- that we expect to grow in Q4, obviously at a lower rate, 4% to 7% in Q4 to arrive at the lower end of the top line guidance.

是的，我的意思是，但是你選擇了第四季的成長假設，對嗎？從數學上來說這很容易做到。我的意思是，財政年度迄今為止的前九個月。我們的淨銷售額成長了8%。因此，如果我們預測營收成長率的下限為 7% 至 13%，那就意味著我們預期第四季的成長率會較低，第四季的成長率為 4% 至 7%，從而達到營收預期的下限。

Okay, and then just as a follow up to that, how you're thinking about the pricing and if you've seen any different changes in pricing versus the number of orders placed. And then as you think about gross margin, what were really the most significant drivers to the gross margin improvement in Q3.

好的，然後作為後續問題，您如何看待定價，以及您是否看到定價與訂單數量有任何不同的變化。然後，當您考慮毛利率時，第三季毛利率提高的最重要驅動因素是什麼。

So on pricing, I think we always have to consider the lag effects in our industry. I mean we are currently selling spring-summer. So we do understand that some brands are looking at price increases. Some brands have done price increases. But that will most affect fall-winter merchandise, which is arriving, but the current season is spring-summer which has -- price decisions that were taken months ago. So that's on that part.

因此，在定價方面，我認為我們必須始終考慮我們行業的滯後效應。我的意思是我們目前正在銷售春夏季產品。因此，我們確實理解一些品牌正在考慮漲價。一些品牌已經漲價。但這對即將上市的秋冬商品影響最大，但目前的季節是春夏季，其價格決定是幾個月前做出的。這就是那部分內容。

And gross margin, the biggest influence of gross margin is full price selling. How high is the share of food price, that's the biggest driver for further margin improvements that we expect.

還有毛利率，對毛利率影響最大的就是全價賣。食品價格的份額有多高，這是我們預期利潤率進一步提高的最大驅動力。

Very helpful, thank you.

非常有幫助，謝謝。

Matthew Boss, JP Morgan.

摩根大通 (JP Morgan) 的馬修‧博斯 (Matthew Boss)。

Great, thanks. So Michael, maybe larger picture, how do you see the luxury industry position today just given the dynamic economic backdrop in? And maybe near term just based on the changes in sentiment that you cited, have you seen any direct impact on spending to date so far with your core high net worth customer base, whether it was April or May? In the US or Europe? Or is your guidance change more reflective of just the prudent potential that we could see a softening effect?

太好了，謝謝。那麼邁克爾，也許從更大的角度來看，考慮到當今充滿活力的經濟背景，您如何看待奢侈品行業的地位？也許短期內僅基於您提到的情緒變化，到目前為止，您是否看到對您的核心高淨值客戶群的支出有任何直接影響，無論是 4 月還是 5 月？在美國還是歐洲？或者您的指導變化是否更反映了我們可能看到的軟化效應的審慎潛力？

Thank you, Matt. No, I think this is really influenced by the short-term impact that we have seen. It's a multifaceted game. I mean, as a lot of our customers are managers are company owners, so a lot of these have kept them busy. I'm not in a position to say, oh, fundamentally something in the market has changed. Was there something broken by these decisions? I don't see that. Have these decisions over the last couple of weeks, really created uncertainties, definitely, and as always in the consumer game, stability is the key.

謝謝你，馬特。不，我認為這確實受到我們所看到的短期影響的影響。這是一場多面性的遊戲。我的意思是，我們的許多客戶都是經理或公司老闆，所以很多事情都讓他們很忙。我無法斷言，哦，市場從根本上發生了一些變化。這些決定是否造成了一些問題？我沒有看到這一點。過去幾週做出的這些決定確實帶來了不確定性，而且在消費者遊戲中，穩定總是關鍵。

If the new number is X, but that is a guaranteed new numbers, companies can adopt to it. Consumers can adopt it. We have unfortunately seen more the numbers change all the time. So at the moment, we are cautious, but we have also seen that the mood has dampened, but I don't see at the moment any concerns that something has changed in the luxury industry.

如果新號碼是 X，但這是一個有保證的新號碼，公司可以採用它。消費者可以採用它。不幸的是，我們看到越來越多的數字不斷變化。因此，目前我們很謹慎，但我們也看到市場情緒減弱，但我目前沒有看到任何關於奢侈品行業發生變化的擔憂。

Okay, great. And then Martin, just maybe relative to this year's guidance for 3% to 5% adjusted EBITDA margins for the legacy Mytheresa business, what would be the timeline that you see for profitability to return back to the high single digit EBITDA margin that you realized pre-pandemic?

好的，太好了。然後馬丁，也許相對於今年對傳統 Mytheresa 業務 3% 至 5% 的調整後 EBITDA 利潤率的指導，您認為盈利能力何時才能恢復到疫情前實現的高個位數 EBITDA 利潤率？

Yeah, I mean we always said that in the medium term, we want to go back to the 7% to 9% and we will go back. The question is, the key determining factor of this reverse that we always mentioned is the continuous improvement in the cross COVID margin that we saw in the last two quarters, that we also see in this quarter 140 basis points in the quarter in the last nine months, 150 basis points. So we are right on track in improving the overall adjusted EBITDA margin.

是的，我的意思是我們總是說，從中期來看，我們希望回到 7% 到 9% 的水平，而且我們會回到這個水平。問題是，我們一直提到的這種逆轉的關鍵決定因素是過去兩個季度我們看到的跨 COVID 利潤率的持續改善，我們也看到本季度在過去九個月的季度中增加了 140 個基點，增加了 150 個基點。因此，我們在提高整體調整後 EBITDA 利潤率方面正處於正確的軌道上。

And you also pointed out in the call, the higher AUV, lower return rates, all increase unit economics and also help on the, for example, shipping and payment cost ratio. And for this, we expect a continuous improvement in the bottom line and as our core focus stays on improving the profitability levels that we have showed in the last quarter.

您還在電話中指出，更高的平均每客戶價值 (AUV) 和更低的退貨率都會提高單位經濟效益，也有助於提高運輸和支付成本比率等。為此，我們預計利潤將持續改善，我們的核心重點仍然是提高上一季的獲利水準。

So with, I mean giving the uncertainty in the top line, obviously has some effect on the profitability, but we explicitly kept the 3% to 5% bottom line guidance because the focus is on maintaining and improving the bottom line profitability and all the underlying business elements of our business model are fully intact on the journey to improve the bottom line profitability, to improve the adjusted EBITDA profitability.

因此，我的意思是，考慮到營業收入的不確定性，顯然會對盈利能力產生一定影響，但我們明確保留了 3% 至 5% 的營業收入指引，因為我們的重點是維持和提高營業收入的盈利能力，並且我們業務模式的所有基礎業務要素在提高營業收入、提高調整後 EBITDA 盈利能力的過程中都保持完整。

How and when, we will come back to the 7% to 9%. This is in the medium term and we will continue this trajectory and then in our September call, we'll get the guidance for the next fiscal year, fiscal year 2026, and at that time we'll also have a much better visibility on the overall macro situation that obviously is also a key key driver. But the driving forces to continue to improve the bottom line profitability fully intact, and we will strongly continue to follow that path to the 7% to 9%.

我們將如何以及何時回到 7% 到 9% 的水平。這是中期趨勢，我們將繼續保持這一軌跡，然後在 9 月的電話會議上，我們將獲得下一財年（2026 財年）的指導，屆時我們也將對整體宏觀形勢有更好的了解，這顯然也是一個關鍵驅動因素。但繼續提高底線盈利能力的驅動力完全完好無損，我們將繼續堅定地沿著這條道路前進，達到 7% 至 9%。

That's great color. Michael, Just one quick follow up. On the dampening that you cited, have you seen that both in the US and in Europe?

顏色真棒。邁克爾，我只想快速跟進。關於您提到的抑制，您在美國和歐洲都看到過這種情況嗎？

More so in the US.

在美國更是如此。

Great. Best of luck.

偉大的。祝你好運。

Ashley Hogan's, Jeffries.

阿什利·霍根 (Ashley Hogan) 的杰弗里斯 (Jeffries)。

Hi, this is Blake on for Ashley. Thanks for taking our questions. I just wanted to build on that last one in terms of the US performance. Could you break out at all by providing a little bit more color on sales trends by month and then aspirational versus your top customers in the US, would be great to get a little bit more color there if you could.

大家好，我是布萊克，為阿什利 (Ashley) 服務。感謝您回答我們的問題。我只是想在最後一個基礎上再進一步看看美國的表現。您能否通過提供更多關於每月銷售趨勢的詳細信息，然後與美國頂級客戶進行比較，如果可以的話，提供更多的信息會很棒。

Yeah, easy on the second one, like. Our top customer group in the US in the last quarter, our business view even by citing directly 12%. So that business is intact. It's sort of as we have seen in the past quarters, it's always the lower medium and that was a hit and uncertainty hit it again. That's where it's happening. The resilience on the top side. The resilience on the ultra-top is fully intact with the shocks that you see, with the shocks that also the equity markets took this time.

是的，第二個很簡單，就像。我們上個季度在美國的最大客戶群，我們的業務觀點甚至直接引用了12%。因此該業務完好無損。這有點像我們在過去幾個季度看到的情況，它總是處於中低水平，這是一個打擊，不確定性再次打擊了它。事情就在那裡發生。頂部的彈性。超高層的彈性完全承受了您所看到的衝擊，也經歷了股票市場這次遭受的衝擊。

The aspirational, the occasional customers, not speaking to their wealth, just speaking to their spending patterns are always impacted more so and so it's an even deeper polarization. But again, what we have observed seems to us, a snapshot seems to have an immediate knee jerk reaction to this, as we have seen over the last weeks. There has been some reversal of it. But I will not position to predict in which way we will go from here.

有抱負的、偶爾的顧客，不談他們的財富，只談他們的消費模式，總是受到更大的影響，因此這是一種更深層的兩極化。但是，正如我們在過去幾週看到的那樣，我們所觀察到的快照似乎對此產生了立即的下意識反應。目前情況已出現一些逆轉。但我無法預測我們接下來會走向何方。

And so on a month-by-month basis, it has started end of January and then you get peaks with events. I mean, we are really in an eventful moment and the stock market, but it's also macro crisis in regions. I don't know. It's almost impossible to predict.

因此，按月計算，它從一月底開始，然後你就會看到活動的高峰。我的意思是，我們確實處於一個多事之秋，不僅股市如此，而且區域宏觀危機也是如此。我不知道。這幾乎是無法預測的。

But that does not take anything away as you can see from our numbers, the fundamental strengths. I mean, in a reversal, look at what is happening and we can confirm our profitability. We can confirm marginal improvements. We can confirm cost control. So while the top line is not fully controllable, our business model allows us to control our bottom line.

但正如您從我們的數字中看到的那樣，這並沒有帶走任何東西，即根本的優勢。我的意思是，反過來看看正在發生的事情，我們就可以確認我們的獲利能力。我們可以確認邊際改善。我們可以確認成本控制。因此，雖然收入不能完全控制，但我們的商業模式使我們能夠控制利潤。

That's super helpful. And just to follow up on that, I wanted to ask on gross margins specifically, and you kind of just referenced the ability to still grow margins and maintain profitability, but how should we think about in an environment where maybe the aspirational customer slows down, can you still grow gross margins, or how much incremental promotions do you see yourself doing, wondering how you think about your target of, maintaining gross margin expansion versus maybe leaning into promotions or any other headwinds that you might foresee that would limit that ability?

這非常有幫助。為了跟進這個問題，我想特別問一下毛利率，您剛才提到了仍然增加利潤率和保持盈利的能力，但是我們應該如何考慮在理想客戶可能放緩的環境中，您還能增加毛利率嗎，或者您認為自己會做多少增量促銷，想知道您如何看待保持毛利率擴張的目標，還是可能依賴促銷或任何其他您可能預見到不利的因素？

No, we're absolutely able to further increase margin, the pace and the size of it. We won't guide now, but we absolutely have the ability to further improve our gross margin.

不，我們絕對能夠進一步提高利潤率、速度和規模。我們現在不會給出指導，但我們絕對有能力進一步提高我們的毛利率。

Got it. And then last one, I was just wondering if you had any more color on your exposure to brands that are manufactured in China, maybe how that is impacting your business, and if you could talk more about, indirect versus direct tariff impacts and maybe China exposure specifically?

知道了。最後一個問題，我想知道您是否可以進一步說明一下您接觸到的中國製造品牌的情況，這對您的業務有何影響，您是否可以進一步談談間接關稅影響和直接關稅影響，以及具體涉及中國的情況？

No, I mean we had different tariff impacts. One is, of course, that there is a flat increase by 10% for product going into the US and then of course, made in China has very high and they were not reversed. They're still in place on Monday, my understanding is there was a decision to reduce them for the moment, which is again, this uncertainty. It's not clear if it's now permanent or not.

不，我的意思是我們受到的關稅影響不同。一是，當然，對進入美國的產品徵收 10% 的固定稅率，而對中國製造的產品徵收的稅率當然也很高，而且這些稅率沒有逆轉。它們在周一仍然有效，我的理解是，目前已經決定減少它們，這又帶來了不確定性。目前尚不清楚它是否是永久性的。

We don't have a huge chunk of made in China and dresses and contemporary brands. We do have brands that have manufacturing in China. Most of our products are not only sourced in Europe but also manufactured in Europe. And therefore, there is an impact on the US channel. And there is an impact for product made in China, but that impact is, at this stage controllable, obviously at duty rates which we had at 140%. You cannot pass that along that effectively means you cannot sell the product.

我們沒有大量中國製造的服裝和當代品牌。我們確實有一些品牌在中國生產。我們的大部分產品不僅來自歐洲，也在歐洲製造。因此，對美國通路產生了影響。這對中國製造的產品有一定的影響，但這種影響在現階段是可控的，顯然我們的關稅稅率為 140%。您無法將其傳遞出去，這實際上意味著您無法銷售該產品。

Really appreciate the color. Best of luck.

真的很欣賞這個顏色。祝你好運。

And it seems that we have no further questions.

看來我們沒有其他問題了。