Lulus Q2 revenue down 17% to $67.8M; gross margin up 330bps; net loss narrows

Lulu's Fashion Lounge Holdings, Inc.

Net revenue $67.8M, down 17% YoY on 17% fewer orders and higher return rates; AOV up 1% to $147.
Gross margin expanded 330 bps to 48.6%, highest Q2 rate since 2021; gross profit down 11% to $33.0M.
Net loss narrowed to $1.5M vs $3.0M loss; Adjusted EBITDA positive at $1.0M vs $0.5M last year.
Active customers 2.2M, down 13% YoY; inventory down 23% to $28.6M; wholesale nearly doubled YoY.
FY2027 outlook reaffirmed; free cash flow $0.1M vs -$1.9M; total debt down $3.2M in Q2.

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