Revolve fires with first quarter sales surge, active customers hit 2 million
Luxury e-commerce company Revolve Group Inc. announced on Tuesday a 58% sales surge for the first quarter ending March 31, on the back of double-digit growth in new active customers for the three months.
The Los Angeles-based company said first quarter sales lift to $283.5 million, with active customer numbers soaring to 2 million, an increase of 38% year-over-year.
“We’ve had an exceptional start to the year, highlighted by 58% net sales growth year-over-year in the first quarter, record quarterly growth in active customers, and record levels of net income and operating cash flow for any first quarter,” said co-founder and co-CEO Mike Karanikolas.
“These impressive results and our consistent delivery of profitable growth reflect outstanding performance across the Revolve and FWRD segments, underscoring our team’s ability to execute and navigate through what continues to be a very challenging macro environment.”
By retail segment, Revolve sales were $237.7 million, an increase of 56% year-over-year, while FWRD recording a sales uptick of 71% to $45.8 million.
Domestic net sales increased 66% year-over-year and international net sales increased 28%, said the Millenial and Gen Z focused retail company.
Net income was $22.6 million, a year-over-year increase of 1%.
“Our customer engagement is stronger than ever, driving incredible momentum in the business, and the return of our impactful, in-person events – such as Revolve Festival – is further strengthening our connection with the next-generation consumer,” said co-founder and co-CEO Michael Mente.
“With our team and operational excellence as the foundation, combined with our strong brand momentum and connection with the consumer, we believe we are very well positioned for continued market and wallet share gains to capitalize on the exciting opportunities ahead.”
The first quarter uptick comes on the back of a fire full year in 2021. Last year, Revolve Group sales surged to $891.4 million, a year-over-year increase of 54%, and 48% growth compared to 2019. Net income spiked to $99.8 million, a year-over-year increase of 76%, and 180% growth compared to 2019, the company added.
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