ThredUp sales surge 10% on record-breaking new buyer growth
Resale platform ThredUp announced on Tuesday first-quarter revenues increased 10% to $71.3 million, on the back of solid gains in its active buyer numbers during the three months.
The Oakland, California-based company said active buyers grew 6% to 1.37 million, with new buyer growth of 95%, serving as its best quarter for new buyer acquisition since its inception.
Active orders were also up 16% for the three months ending March 31.
Profit-wise, the company said loss from continuing operations was $5.2 million for the first quarter, compared to a loss from continuing operations of $12.2 million last year.
'We are proud to deliver Q1 out-performance, including a record quarter for new buyer acquisition,' said ThredUp CEO and co-founder, James Reinhart.
'With momentum in our marketplace, we are pleased to be raising our full year outlook while we continue to improve the product experience for both buyers and sellers.'
Looking ahead, the company said it expects full-year revenue to be in the range of $281 million to $291 million, up 10% year-over-year at the midpoint.
Earlier this year, the online resale platform launched its annual 'Resale Report' revealing that the global secondhand apparel market is projected to reach $367 billion by 2029.
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