RYU Q2 revenue climbs 31%
Vancouver-based athletic brand RYU Apparel Inc. (Respect Your Universe) announced a 31 percent revenue increase in its second quarter on Tuesday.
Revenue for the quarter ended June 30, 2019, reached $1.5 million, compared to $1.14 million reported during the same period last year.
Overall, it also saw a 49 percent gross profit margin for the quarter.
The company equally continued to reduce its total operating expenses, dropping 19 percent to $803,026, compared to the same period in 2018.
"We are pleased to have achieved our fourteenth consecutive quarter of revenue growth," said Marcello Leone, CEO.
"We continue to focus on achieving greater productivity from our retail locations in all four major markets as well as growing our digital marketing presence and e-commerce business globally to 30% of our overall business by 2022."
Last year, e-commerce revenue represented 14 percent of total revenue, marking a 42 percent jump in e-commerce revenue compared to the prior year.
Store sales have also contributed to revenue growth. During its first quarter, RYU grew to nine retail locations with the opening of a new retail location in Newport Beach, California.
The Vancouver-based company relaunched in November 2015 and has been growing its retail presence across North America ever since. It opened it first U.S. retail store location in August and has six locations throughout Canada, including four in Vancouver, and two in Toronto.
Earlier this year, the company also relaunched its website at RYU.com with several improved features with plans to launch new product categories over the next year.
Copyright © 2021 FashionNetwork.com All rights reserved.