ThredUp Q1 revenues lift 31%, losses narrow
Online resale platform ThredUp Inc. said on Monday total revenues for the first quarter surged 31%, as the American company made further inroads in Europe and extended its RaaS capabilities to more clients.
The Oakland California-based ThredUp said total revenues reached $72.7 million for the quarter ending March 31. By category, consignment revenues totalled $47.4 million, while product revenues totalled $25.3 million.
Net losses narrowed to $20.7 million, or 28.5% of revenue, for the first quarter, compared to net loss of $16.2 million, or 29.0% of revenue, for the first quarter last year.
"We kicked off 2022 with another quarter of strong financial performance, demonstrating the ongoing competitive advantages we’ve developed in our supply chain," said ThredUP CEO and co-founder James Reinhart.
During the quarter, ThredUp said it brought two new dedicated processing centers online in the U.S. in Grapevine, TX and Lebanon, TN, in addition to breaking ground on a new U.S. flagship distribution center in Dallas, TX and a new facility in Sofia, Bulgaria.
The company also continued to expand its RaaS (Retail-as-a-Service) program to new clients, including Pacsun, and the expansion of its Madewell relationship into extended categories, increasing listings by 500%.
Finally, in April, it launched its 'Recommerce 100' program, an objective review of branded recommerce that tracks brands' adoption of resale, each program's growth, and their potential impact on the planet.
"We're thrilled about the progress we're making in the European market as well as the growing roster of brands and retailers we're supporting through our RaaS offering," added Reinhart.
"By continuing to invest in our global infrastructure, we're confident that we're strengthening our position in the growing resale market and making progress towards building a generation-defining company that changes the way the world shops and ushers in a new era of sustainable shopping."
Looking ahead, the company said it expects full-year revenue in the range of $315 million to $325 million.
Copyright © 2022 FashionNetwork.com All rights reserved.