US fashion group Revolve has reported record sales in the third quarter, up 62 percent compared to the same period last year, and 58 percent higher than two years ago.
In the three months to September 30, sales at the LA-based business came in at 244 million dollars compared to the 151 million dollars it posted a year earlier.
Breaking it down by segment, the group’s namesake Revolve brand reported a 56 percent year-on-year increase in sales to 204.2 million dollars, while its Forward (FWRD) brand reported a 95 percent increase to 39.9 million dollars.
The company, which targets Millennial and Gen Z consumers, said it also saw record quarterly growth of active customers.
Despite the strong sales, Revolve’s net income narrowed in the period to 16.7 million dollars from 19.4 million dollars a year earlier.
The company’s gross margin was 55.1 percent, a year-over-year decrease of 16 basis points, but an increase of 148 basis points compared to two years earlier.
“Our third-quarter results reinforce our conviction that our competitive strengths will enable us to continue to thrive as we transition to a post-pandemic world,” said co-founder and co-CEO Michael Mente.
“Our current momentum and the strength of our brands is broad-based across both Revolve and FWRD.”