Revolve Group, a US-based next-generation fashion retailer for millennial and generation Z consumers, reported 22 per cent sales growth to $178.9 million in its first quarter (Q1) of FY21 ended on March 31, 2021, compared to $146.0 million in the same period of previous fiscal. The group’s net income rose to $22.2 million (Q1 FY20: $4.1 million).
“Our exceptional results for the first quarter reinforce our belief that Revolve is uniquely positioned for the reopening of economies and the post-Covid world as a brand consumers associate with living an active social lifestyle. We are excited to re-accelerate our investment in the business to support our next phase of growth,” Mike Karanikolas, co-founder and co-CEO at Revolve Group, said in a press release.
“Particularly exciting is that the strong recovery in March came from a return to growth in styles associated with social outings, such as dresses, as well as continued strong growth in at home related products, including beauty, intimates and activewear that have grown rapidly throughout the pandemic,” Michael Mente, co-founder and co-CEO at Revolve Group said.
Gross profit for Q1 FY21 surged to $96.6 million ($70.9 million), while adjusted EBITDA was $23.3 million ($5.6 million). The group’s operating expenses were $75.4 million ($67.1 million).
Sales from Revolve segment for the three-month period increased to $152.1 million ($124.5 million), whereas Forward segment’s sales were up to $26.7 million ($21.6 million). Regionally, sales in US grew to $143.3 million ($120.3 million), and rest of the world sales were $35.6 million ($25.7 million).
“Driven by our powerful brand, our proprietary technology, and our data driven merchandising, our results demonstrate great progress against our goal of developing a deeper relationship with our customer and capturing a larger share of her wallet over time,” Mente concluded in the release.