Revolve Group announced net sales for the fourth quarter totalled US $ 257.8 million, a decrease of 1 per cent, as the US luxury e-commerce firm continues to see improvements in revenue growth.
The company reported that while overseas sales rose 7 per cent to US $ 44.1 million for the three months, domestic net sales decreased 2 per cent to US $ 213.7 million year over year. Segment-wise, Revolve sales increased by 1 per cent, whereas Fwrd sales fell by 10 per cent to US $ 37.8 million.
Revolve Group had a 52 per cent decrease in net income of US $ 28.1 million for the full year ended 31st December, which was attributed to a 3 per cent decline in net sales to US $ 1.1 billion, as well as a minor decline in gross profit and an increase in operating expenses year over year.
”I’m proud of our team’s accomplishments in 2023 that set us up well for 2024,” said co-founder and co-CEO Mike Karanikolas.
