Online fashion retailer Revolve Group announced revenues for the third quarter were US $ 257.6 million, a decrease of 4 per cent, on the back of decline in average spend per active customer, and dips across both the Revolve and Fwrd brands.
Revolve’s net sales, which were down 2 per cent to US $ 217.7 million, helped to somewhat offset the Fwrd segment’s 14 per cent decline in sales to US $ 39.9 million.
In terms of area, net sales decreased by 5 per cent to US $ 207.2 million for domestic sales and 1 per cent to US $ 50.4 million for foreign sales.
In the three months that ended in September, the company’s earnings suffered. Due to a decrease in net sales, a decrease in gross profit from the previous year, ongoing pressure on some operating expenses, and a US $ 6.6 million accrual for an ongoing legal action, net income was US $ 3.2 million, down 73 per cent.
The retailer did disclose that as of 30th September, there were 2,510,000 trailing 12-month active consumers, up 12 per cent from the previous year and up 52,000 during the third quarter.
“A key highlight of the third quarter was surpassing 2.5 million active customers, an increase of 12 per cent year-over-year, and over one million more active customers than the third quarter of 2019,” said co-founder and co-CEO Michael Mente.
