PR Newswire
LOS ANGELES, Nov. 1, 2023
LOS ANGELES, Nov. 1, 2023 /PRNewswire/ -- Revolve Group, Inc. (NYSE: RVLV), the next-generation fashion retailer for Millennial and Generation Z consumers, today announced financial results for the third quarter ended September 30, 2023.
"We achieved a key 2023 objective of rebalancing our inventory as the spread between our year-over-year inventory and sales trends was favorable in the third quarter for the first time in more than two years," said co-founder and co-CEO Mike Karanikolas. "This important accomplishment contributed to our strong and increased cash flows year-over-year, even in an environment where spending on discretionary products by our consumer demographic continues to be pressured."
"A key highlight of the third quarter was surpassing 2.5 million active customers, an increase of 12% year-over-year, and over one million more active customers than the third quarter of 2019," said co-founder and co-CEO Michael Mente. "While average spend per active customer has decreased year-over-year in this very challenging environment, we view this as a temporary dynamic that will normalize as the environment improves. As we look ahead, our team is energized by the opportunity to drive improved results across a wide range of longer-term initiatives that leverage our core competencies of technology innovation, operating efficiency and brand building that have served us well for the past 20 years."
Third Quarter 2023 Financial Summary | ||||||||||
| ||||||||||
| | Three Months Ended September 30, | ||||||||
| | 2023 | | | 2022 | | | YoY Change | ||
| | (in thousands, except percentages) | ||||||||
Net sales | | $ | 257,603 | | | $ | 268,711 | | | (4 %) |
Gross profit | | $ | 133,232 | | | $ | 142,382 | | | (6 %) |
Gross margin | | | 51.7 | % | | | 53.0 | % | | |
Net income | | $ | 3,178 | | | $ | 11,988 | | | (73 %) |
Adjusted EBITDA (non-GAAP financial measure) | | $ | 9,484 | | | $ | 17,676 | | | (46 %) |
Net cash provided by operating activities | | $ | 12,486 | | | $ | 10,006 | | | 25 % |
Free cash flow (non-GAAP financial measure) | | $ | 11,492 | | | $ | 8,618 | | | 33 % |
Operational Metrics | ||||||||||
| ||||||||||
| | Three Months Ended September 30, | ||||||||
| | 2023 | | | 2022 | | | YoY Change | ||
| | (in thousands, except average order value and percentages) | ||||||||
Active customers (trailing 12 months) | | | 2,510 | | | | 2,249 | | | 12 % |
Total orders placed | | | 2,133 | | | | 1,951 | | | 9 % |
Average order value | | $ | 299 | | | $ | 320 | | | (7 %) |
Additional Third Quarter 2023 Metrics and Results Commentary
Additional Net Sales Commentary
Cash Flow and Balance Sheet
Additional trend information regarding Revolve Group's third quarter of 2023 financial results and operating metrics is available in the Q3 2023 Financial Highlights presentation available on our investor relations website: https://investors.revolve.com/events-and-presentations/default.aspx
Results Since the End of the Third Quarter of 2023
Net sales in October 2023 decreased by a low-single digit percentage year-over-year amidst ongoing uncertainty in the macroeconomic and geopolitical environment that we believe continues to pressure consumer spending on discretionary products.
2023 Business Outlook
Based on information available to us as of November 1, 2023, we are providing the following guidance for the full year ending December 31, 2023 and the fourth quarter ending December 31, 2023.
| Updated FY 2023 Outlook | Prior FY 2023 Outlook |
Gross margin | 51.8% to 51.9% | 52% to 52.5% |
Fulfillment expenses | 3.5% of net sales | 3.3% of net sales |
Selling and distribution expenses | 18.7% of net sales | 18.3% of net sales |
Marketing expenses | 16.2% to 16.3% of net sales | 16% to 16.5% of net sales |
General and administrative expenses | $121.5 million, including the $6.6 million | $115 million |
Effective tax rate | 24% to 26% | 24% to 26% Werbung Mehr Nachrichten zur Revolve Group Aktie kostenlos abonnieren
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