Business
Lulus Reports Excellent First Quarter 2022 Results and Record Quarterly Net Revenue
First Quarter Net Income up $3.4 Million and Adjusted EBITDA up 84% from First Quarter 2021 Raising Full Year 2022 Net Revenue Outlook to $490-$500 Million,
About this update from Lulu's Fashion Lounge Holdings, Inc.
[{"type":"text","content":"First Quarter Net Income up $3.4 Million and Adjusted EBITDA up 84% from First Quarter 2021 Raising Full Year 2022 Net Revenue Outlook to $490-$500 Million, Up 30%-33% from 2021 Raising Full Year 2022 Adjusted EBITDA Outlook to $50-$51 Million, Up 21%-23% from 2021 CHICO, Calif., May 17, 2022 (GLOBE NEWSWIRE) -- Lulu’s Fashion Lounge Holdings, Inc. (“Lulus” or the \"Company\") (Nasdaq: LVLU) today reported financial results for the first quarter ended April 3, 2022. David McCreight, CEO of Lulus, said: “We are pleased to report on another strong quarter, with Q1 2022 representing our highest quarterly net revenue in our history. Net revenue grew 62% and Adjusted EBITDA grew 84% over the same period last year. We delivered an all-time high Q1 gross margin rate of 47.3%, reinforcing our belief that Lulus is positioned well to continue to grow in spite of macro environment challenges, such as inflation and supply chain pressures.” First Quarter 2022 Highlights: Net revenue up 62%, compared to the same period last year.Gross Margin increased 220 basis points to 47.3% while gross profit increased 70%, in each case compared to the same period last year.Net income of $2.0 million, a $3.4 million increase compared to the same period last year.Adjusted EBITDA of $9.9 million, an 84% increase compared to the same period last year.Our strong cash flow model and balance sheet enabled us to pay down $10 million (40%) of our revolving line of credit during the quarter; resulting in a net cash position of $4.4 million, comprised of $19.4 million of cash partially offset by $15.0 million of borrowings on our revolving line of credit.Net cash from operating activities amounted to $20.2 million for the quarter ended April 3, 2022, an increase of 22% compared to the same period last year.Strong financial metrics were achieved through growth in Average Order Values (“AOV”) for both new and repeat customers, as well as growth in Active Customers. AOV increased to $133 from $111, an increase of 20% compared to the same period last year. Active Customers increased to 3.0 million from 1.9 million, an increase of 58% compared to the same period last year.Diluted net income per share of $0.05, a $0.13 increase compared to the same period last year. Quarter Ended April 3, 2022 April 4, 2021 YoY Change (In thousands, except percentages)Net revenue $111,902...