Business
Lulus Reports Fourth Quarter 2022 Results and Record Fiscal Year Net Revenue
Record-Breaking Full Year 2022 Net Revenue of $440 million, up 17% from 2021 Full Year Net Income of $3.7 million, up 82% from 2021 Grew Active Customers, up
About this update from Lulu's Fashion Lounge Holdings, Inc.
[{"type":"text","content":"Record-Breaking Full Year 2022 Net Revenue of $440 million, up 17% from 2021 Full Year Net Income of $3.7 million, up 82% from 2021 Grew Active Customers, up 17% from 2021 CHICO, Calif., March 14, 2023 (GLOBE NEWSWIRE) -- Lulu’s Fashion Lounge Holdings, Inc. (“Lulus” or the “Company”) (Nasdaq: LVLU) today reported financial results for the fourth quarter and full year ended January 1, 2023. Crystal Landsem, CEO of Lulus, said: “We’re proud to have completed our first full year as a public company on solid ground with a clean balance sheet free of high-cost term debt, which enabled us to continue investing in the business. We saw year-over-year growth in repeat customers during the fourth quarter, as well as healthy year-over-year growth in Active Customers, which shows that our brand continues to resonate with our customers. Like others, we were impacted by the continued challenging macroenvironment, and in response, we remained promotional during the holidays, which along with high shipping costs, resulted in product margin compression. Despite the continued difficult macroenvironment, we are pleased with our year-end inventory position and the strength of our balance sheet, which we believe positions us well to continue to execute on our long-term growth strategies.” Full Year 2022 Highlights: Net revenue of $439.7 million, a 17% increase compared to the same period last year, driven by a 16% increase in Total Orders Placed with higher return rates offset by higher Average Order Value (“AOV”), net of promotions and discounts.Active Customers of 3.2 million, a 17% increase compared to the same period last year.AOV of $131, an increase of 9% compared to $120 in the same period last year.Gross Margin decreased 360 basis points to 43.5% and gross profit increased 8%, in each case compared to the same period last year, reflecting higher promotional levels as well as continued pressures from shipping-related costs.Interest expense decreased by $11.7 million, a 91% decrease compared to the same period last year. The significant decrease is attributable to the repayment of our Term Loan with the proceeds from our IPO in November 2021.Net income of $3.7 million, an 82% increase compared to the same period last year.Adjusted EBITDA of $29.1 million, a 30% decrease compared to the same period last year. Fiscal Years Ended January 1, 2023...