Revolve 2021 income, revenues spike on fourth-quarter active customer and sales growth
Luxury online retail company Revolve Group on Wednesday reported a revenue and earnings spike in 2021, on the back of accelerated growth in both active customers and sales during the fourth quarter.
The owner of millennial-focused luxury portals Revolve and FWRD said net sales during the fourth quarter totalled $239.8 million, a year-over-year increase of 70%, and reflected a two-year growth of 63% compared to the fourth quarter of 2019, before the onset of the Covid-19 pandemic.
Accelerated growth in active customers was a key driver in the fourth quarter, highlighted by record quarterly growth of 162,000 active customers, taking the number to 1.8 million, or an increase of 25% year-over-year, "illustrating the strong consumer appeal of our offerings," said the Los Angeles-based company.
“Our exceptional fourth quarter results demonstrate the power of our brands and our connection with the next generation consumer, highlighted by further acceleration of our net sales growth to 70% over the prior year and 63% over the fourth quarter of 2019,“ said co-founder and co-CEO Mike Karanikolas.
Likewise, quarterly net income reached $29.4 million, a year-over-year increase of 55%, and reflected two-year growth of 250% compared to net income in the fourth quarter of 2019.
“I am very proud of our team for continuing to deliver such outstanding results amidst a challenging macro environment and supply chain headwinds, including record profitability for a fourth quarter with $29 million in net income, increasing 55% over the prior year and 250% over the fourth quarter of 2019," saud Karanikolas
By segment, Revolve net sales were $200million, for the quarter, year-over-year increase of 68%, while FWRD sales totalled $39.8 million, a year-over-year increase of 83%.
Geographically, domestic sales increased 80% year-over-year and international net sales increased 34% year-over-year.
For the full year ending December 31, 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.
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