Revolve sales up double-digits on growth across all channels
Revolve Group announced on Tuesday revenues for the first quarter rose 10% to $296.7 million, thanks to growth across all brand channels and geographies at the U.S. luxury retail firm.
The Los Angeles-based company said Revolve segment sales were $254.4 million, a year-over-year increase of 11%, while sister brand Fwrd logged a 3% increase in sales to $42.3 million.
By region, domestic sales were $239.2 million, up 9%, outpaced by international sales, which surged 12% to $57.5 million, for the quarter ending March 31.
In line with the sales growth, the company said net income totalled $11.4 million, an increase from $10.9 million in the first quarter of 2024.
"Our strong execution within a dynamic macro environment resulted in outstanding first quarter results, highlighted by double-digit top-line growth, 57% growth in operating income year-over-year, and $45 million in operating cash flow that further strengthened our balance sheet," said co-founder and co-CEO, Mike Karanikolas.
"We achieved these strong results while continuing to invest in key initiatives that we believe will drive long-term success, which is especially important during this uncertain time when industry peers with weaker foundations are dialing back investment plans."
The company said that post-first quarter, sales in April increased by a mid-single digit percentage year-over-year, highlighted by comparably stronger net sales growth in international markets.
"I am very proud of our team's continued outstanding execution and flexibility that has driven our strong performance," said co-founder and co-CEO Michael Mente.
"It is the strength of our team, our solid financial foundation and our flexibility that we believe position us well to navigate through the current geopolitical and macro-uncertainty while continuing to invest in the exciting growth opportunities ahead. We have consistently outperformed through challenging periods in the past and are entering this current cycle on strong footing, giving us the confidence not just to manage through the near-term challenges, but also to gain further market share and drive long-term gains."
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