Shares of online retailing platform Revolve fell 15% Friday after the company reported a surprising loss, despite topping revenue expectations.
It was the company’s first earnings announcement since it became public in June.
Revolve reported a second-quarter net loss of…
$28.1 million, or 57 cents a share, compared with net income of $10.5 million, or 15 cents a share, last year.
After excluding the impact of a one-time $41 million stock repurchase, which caused a 75-cent reduction, the company reported adjusted earnings per share of 18 cents, just short of the 19-cent estimate from analysts surveyed by Refinitiv.
Revenue rose to $161.9 million, up 22% from $131.8 million in the year-earlier period, beating expectations of $159.9 million.
The company reported the number of active customers grew to 1.36 million, up 36% from last year. In a note, Jeffries analyst Randal Konik said the growth showed “strong brand momentum and healthy fundamentals.” Customers also placed 1.29 million orders with the company, a year-over-year increase of 31%.
However, Konik said the average value of a customer’s order fell 2% to…
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