- Huw Hughes |
US fashion e-tailer Revolve has bucked the trend of gloomy Covid-19 trading and reported a 6 percent increase in sales for the first quarter ended 31 March.
The California-based company saw sales total 146 million dollars compared to 137.3 million dollars in the previous year, though its net income fell 16 percent year-on-year to 4.2 million dollars.
“While the Covid-19 pandemic has created significant headwinds for many companies, including Revolve, I am very proud of how the organization has responded,” said co-founder and co-CEO Mike Karanikolas in a statement. “Our competitive position and our recent business results give me continued confidence in our long-term future.
“We began the first quarter strong with net sales for January and February combined increasing by more than 20 percent year-over-year and with our inventory turning approximately 20 percent faster year-over-year before the Covid-19 impact led to a significant decrease in net sales in the final weeks of March.
“Importantly, early in the second quarter, our efforts have helped drive improved net sales trends with sequential improvement in the year-over-year net sales declines for each of the past four weeks.”
The company added that it expects its gross margin for the full year to be below the 48.6 percent gross margin reported for the first quarter of 2020.
Photo credit: Revolve, Facebook