US-based firm Revolve Group, a next-generation fashion retailer for Millennial and Generation Z consumers, has reported net sales of $282.5 million for the second quarter of fiscal 2024 (Q2 FY24), marking a 3 per cent YoY increase. The company also saw a 5 per cent YoY growth in trailing 12-month active customers, reaching 2.577 million as of June 30, 2024.

Gross profit for the quarter rose to $152.6 million, a 3 per cent YoY increase, with a gross margin of 54 per cent, up 7 basis points from the previous year. Net income for Q2 FY24 was $15.4 million, representing a significant 111 per cent YoY increase.

Adjusted EBITDA also saw impressive growth, rising 97 per cent YoY to $20.5 million. Diluted earnings per share (EPS) increased by 110 per cent YoY to $0.21. Inventory levels as of June 30, 2024, were $234.3 million, a 14 per cent increase from the previous year, the company said in a press release.

The Revolve segment achieved net sales of $245.5 million, reflecting a 4 per cent YoY increase, while the FWRD segment experienced a decline in net sales to $36.9 million, down 4 per cent YoY. Domestic net sales reached $225.1 million, showing a 1 per cent YoY increase, and international net sales amounted to $57.4 million, a 13 per cent YoY increase driven by growth in nearly all major regions.

"I'm thrilled with our team's performance that fuelled a strong second quarter, highlighted by a return to top-line growth and a more than doubling of our net income year-over-year," said co-founder and co-CEO Mike Karanikolas. "Key contributors to our strong results were significantly improved marketing efficiency and greater efficiency in our logistics costs, helped by the first year-over-year decrease in our return rate in more than three years."

Fibre2Fashion News Desk (DP)