ThredUp posts 21 percent sales increase in Q3

Online resale platform ThredUp Inc. reported revenue of 82 million dollars, an increase of 21 percent year-over-year.

"We achieved another quarter of strong financial performance, in the face of a highly dynamic environment. Despite this backdrop, ThredUp is executing at a high level, and we plan to carry that momentum into 2024," said ThredUp CEO and co-founder James Reinhart.

The company said in a statement that gross profit totaled 56.6 million dollars, up 27 percent, while gross margin was 69 percent.

Net loss was 18.1 million dollars or negative 22 percent of revenue compared to 23.7 million dollars or negative 34.8 percent of revenue, for the third quarter of 2022.

Adjusted EBITDA loss was 3.6 million dollars or a negative 4.4 percent of revenue versus 11 million dollars or a negative 16.2 percent of revenue for the third quarter 2022.

For the fourth quarter, ThredUp expects revenue in the range of 79 million dollars to 81 million dollars, gross margin in the range of 61 percent to 63 percent and adjusted EBITDA loss margin in the range of 2 percent to 0 percent.

For the full fiscal year, the company forecasts revenue in the range of 319.5 million dollars to 321.5 million dollars, gross margin in the range of 66.2 percent to 66.7 percent and adjusted EBITDA loss margin in the range of 5.3 percent to 4.7 percent.