Revolve Q2 net sales down 6% YoY to $273.7M, net income falls 55%, guidance trimmed

Revolve Group, Inc.

2023-Q2 EPS reported $0.29 revenue$553,338,000

Q2 net sales $273.7M (-6% YoY); net income $7.3M (-55%); diluted EPS $0.10 (-55%).
Adjusted EBITDA $10.4M (-61% YoY); gross margin 54.0% vs 55.9% a year ago.
FY 2023 gross margin guidance lowered to 52-52.5% from 52-53%; fulfillment and SG&A costs raised.
Board authorizes $100M stock repurchase program; company has $269M cash and no debt.
July net sales down mid-single digit percent YoY, citing continued soft U.S. consumer discretionary spending.

item 2.02 item 8.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Revolve Group, Inc. reported the second quarter ended June 30, 2023 results: revenue $273.7 million, net income $7.3 million, EPS $0.10. Guidance lowered.

Period: the second quarter ended June 30, 2023
Revenue: $273.7 million
Net income: $7.3 million
EPS: $0.10
Guidance: lowered
Result: reported results

Exact text from the filing

• Net sales were $273.7 million, a year-over-year decrease of 6%. • Gross profit was $147.7 million, a year-over-year decrease of 9%. • Gross margin was 54.0%, a year-over-year decrease of 198 basis points, primarily reflecting a lower mix of net sales at full price in the second quarter of 2023 as compared to the second quarter of 2022. • Net income was $7.3 million, a year-over-year decrease of 55%, primarily due to the decline in net sales, reduction in gross profit year-over-year and continued pressure on certain operating expenses. • Adjusted EBITDA was $10.4 million, a year-over-year decrease of 61%. • Diluted earnings per share (EPS) was $0.10, a year-over-year decrease of 55%.

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Source: SEC EDGAR

accession 0000950170-23-037184

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