Executive Summary

• Italian online fashion retailer YOOX Net-a-Porter reported net revenues of €435.4 million in 3Q16, up 11.7% year over year on a reported basis and up 19.0% year over year at current exchange rates. Net revenues were slightly below the consensus estimate of €440.4 million.
• 3Q16 sales growth was driven by strong performance in the US and Asia-Pacific regions, where sales increased by 17.8% and 36.8%, respectively. UK sales increased by 13.5% year over year. In the first nine months, the average number of monthly unique visitors across the company’s sites rose by 6.2% year over year, from 25.9 million in 9M15 to 27.5 million in 9M16, and orders increased by 18.3%, to 5.9 million, compared with 5.0 million in 9M15.
• YOOX Net-a-Porter expects to achieve further revenue growth and year-over-year improvement in its adjusted EBITDA margin in FY16. All of the group’s business lines are expected to contribute to EBITDA margin expansion.