![]() Cash and cash equivalents: The strong cash flow generation has further strengthened our balance sheet and liquidity.The cash flow metrics were our second highest for any first quarter, yet trailed the record first quarter cash flow from the prior-year period primarily due to lower net income year-over-year. Our strong cash flow generation benefitted from favorable working capital movements, including a meaningful decrease in inventory during the first quarter. Net cash provided by operating activities was $48.8 million and free cash flow was $47.7 million.Domestic net sales decreased 5% year-over-year and international net sales increased 16% year-over-year.FWRD segment net sales were $48.0 million, a year-over-year increase of 5%.REVOLVE segment net sales were $231.7 million, a year-over-year decrease of 3%.Diluted earnings per share (EPS) was $0.19, a year-over-year decrease of 37%.Adjusted EBITDA was $15.0 million, a year-over-year decrease of 52%.Net income was $14.2 million, a year-over-year decrease of 37%, a comparison that was impacted by the lower gross margin and an increase in operating expenses year-over-year, partially offset by an increase in other income due primarily to an insurance reimbursement.Gross margin was 49.8%, a year-over-year decrease of 468 basis points, primarily reflecting a lower mix of net sales at full price in the first quarter of 2023 as compared to the first quarter of 2022.Gross profit was $139.2 million, a year-over-year decrease of 10%.Net sales were $279.6 million, a year-over-year decrease of 1% against a very difficult prior-year comparison yet representing a four-year compound annual growth rate of 19% since the first quarter of 2019.Active customers increased by 84,000 during the first quarter of 2023, growing to 2,424,000 as of March 31, 2023, an increase of 19% year-over-year.(in thousands, except average order value and percentages)Īdditional First Quarter 2023 Metrics and Results Commentary
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