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Published
Feb 25, 2021
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Revolve earnings soar in fourth quarter

Published
Feb 25, 2021

Los Angeles-based online fashion retailer Revolve Group, Inc. reported Q4 net income of $19.0 million on Wednesday, representing a year-over-year increase of 126% compared to $8.4 million in the prior-year period. Diluted earnings per share were $0.26, up 117% from $0.12.


Revolve's gross margin rose 305 basis points year over year in Q4 - Facebook: Revolve

 
In the fourth quarter ended December 31, 2020, the youth-focused e-tailer achieved total net sales of $140.8 million, down 5% from $147.6 million in the same period in the previous year.
 
International sales actually increased 24% during the quarter, with growth driven by double-digit gains in Australia, Canada, Greater China and the Middle East. However, this progress was offset by a decline of 10% in the company’s domestic sales.

The company’s Revolve segment posted net sales of $118.9 million, down 5% year over year, while the Forward segment saw its sales slip 2.3% to $21.8 million.
 
Revolve’s gross margin was 56.0%, up 305 basis points compared to the prior-year period, progress achieved through improved inventory dynamics, which helped drive an increase in the percentage of net sales at full price, as well as a decrease in the depth of markdowns.
 
“Our highly profitable fourth quarter capped a year of record net income and cash flow generation achieved despite the challenging Covid-19 backdrop,” said Revolve co-founder and co-CEO Michael Mente in a release. “Our 2020 results are a true testament to our team’s agility.”
 
The company’s full-year net sales totaled $580.6 million, decreasing 3% from $601.0 million in the previous year. Sales declined 5.0% to $500.9 million in the Revolve segment but increased 8.1% to $79.8 million in the Forward segment.
 
Annual net income came to $56.8 million, up 59% from $35.7 million in the previous year.
 
“We believe Revolve is well positioned to benefit from the reopening of economies, which will enable our customer to finally enjoy the active social lifestyle she loves and has come to associate with Revolve,” added co-founder and co-CEO Mike Karanikolas. “With our cash position more than doubling during 2020 and a clean inventory position as we enter 2021, we are focused on capitalizing on the exciting opportunities ahead.”
 
In the seven-week period since the end of 2020, the company’s net sales have seen year-over-year growth in the low single-digit percentage range, reflecting strong international gains and sequentially improved results in the United States.

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