Revolve Group Inc. gained more ground in the third quarter, combining data-savvy with an influencer-heavy marketing approach that’s proven to be catnip for Millennials.
Net income rose 33.9 percent to $9.6 million, from $7.1 million, as earnings per diluted share of 13 cents came in 2 cents ahead of the 11 cents analysts projected.
Sales for the three months ended Sept. 30 increased 22.5 percent to $154.2 million, above the $152.8 million Wall Street anticipated.
The e-commerce company logged a 33.1 percent rise in the number of active customers, to 1.4 million, and a 25.7 percent rise in the number of orders placed, to 1.2 million. The average order value, however, slipped 1.8 percent to $275.
Michael Mente and Mike Karanikolas founded Revolve in 2003 and took the company public this summer as co-chief executive officers with big growth plans in mind. While the Millennial-friendly Revolve sits at the center of the the firm’s strategies, it also has the Gen Z-focused Superdown with sharper pricing and the luxury-centric Forward by Elyse Walker.
Revolve is an anomaly in fashion in that has driven dramatic growth by relying heavily on data and algorithms when deciding on what styles to carry and looking to influencers to power its
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