Revolve Q1 sales down 3% despite lift in active customer numbers – WebTimes

May 8, 2024 | by

Revolve Group said first-quarter sales were $270.6 million, down 3%, as lower sales at a markdown offset an increase in full price sales for the three months.


​The owner of Revolve and Fwrd fashion e-commerce platforms said trailing 12-month active customers grew to 2,551,000 as of March 31, an increase of 5% year-over-year. ​

Revolve segment sales dipped 1% to $229.6 million, while Fwrd segment sales were $41 million, a year-over-year decrease of 15%. Domestic sales fell 3% to $219.1 million, while international sales fell 3% to $51.5 million.

Net income was $10.9 million, a year-over-year decrease of 23%, and included an insurance recovery of $2.8 million ($2.1 million, net of taxes) within other income, net.    

​”We delivered significant expansion of our gross margin and year-over-year efficiency in our variable logistics costs in the first quarter of 2024, which contributed to strong profitability and cash flow generation that further strengthened our balance sheet,” said co-founder and co-CEO Mike Karanikolas.

“I am also encouraged that we returned to positive growth in net sales year-over-year during the final month of our first quarter of 2024 as well as during the first month of our second quarter of 2024.”

In late February, ​the luxury fashion company announced the appointment of Marianna Hewitt as the creative director of its in-house label, L’Academie, after the addition of Jennifer Baxter Moser to its board of directors, back in January.


Copyright © 2024 All rights reserved.


Read original article here

Denial of responsibility! Web Times is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – The content will be deleted within 24 hours.


View all

view all