Business
Lulus Reports Record Third Quarter 2021 Financial Results
CHICO, Calif., Dec. 14, 2021 (GLOBE NEWSWIRE) -- Lulu’s Fashion Lounge Holdings, Inc. (“Lulus”) (Nasdaq: LVLU) today reported financial results for the
About this update from Lulu's Fashion Lounge Holdings, Inc.
[{"type":"text","content":"CHICO, Calif., Dec. 14, 2021 (GLOBE NEWSWIRE) -- Lulu’s Fashion Lounge Holdings, Inc. (“Lulus”) (Nasdaq: LVLU) today reported financial results for the quarter ended October 3, 2021. Third Quarter 2021 Financial Highlights: Net revenue of $106.3 million, an increase of 95% compared to the prior year periodNet income of $2.3 million, an increase of 921% compared to the prior year periodAdjusted EBITDA of $11.9 million, an increase of 126% compared to the prior year period and Adjusted EBITDA Margin of 11.2%, a 16% increase compared to the prior year periodEarnings per share of $0.13, an increase from $0.01 compared to the prior year period Third Quarter 2021 Business Highlights: Average Order Value (“AOV”) of $125, compared to the prior year period of $103Last Twelve Months Active Customers of 2.5 million, compared to the prior year period of 2.3 million David McCreight, CEO of Lulus, said: “We are very pleased with our strong third quarter results for our first quarterly reporting as a public company. We delivered record Q3 2021 sales with a 95% increase in net revenue compared to Q3 2020, and 16% compared to Q3 2019. Despite uncertainty caused by the pandemic and related global supply chain pressures, our third quarter results highlight the effectiveness of our business model and team, and give us confidence in continued growth and momentum. The LuCrew’s focus on providing a compelling brand experience led to continued growth in new customers acquired with all time high AOVs for both new and repeat customers.” Balance Sheet Our cash and cash equivalents amounted to $40.9 million as of October 3, 2021, an increase of 163% compared to January 3, 2021.Our cash from operating activities amounted to $41.8 million for the nine months ended October 3, 2021, an increase of 97% compared to the prior year period.We completed our IPO on November 15, 2021 and received net proceeds of $85.6 million. We used the proceeds from our IPO, together with $25 million in borrowings under our new revolving credit facility, to repay amounts outstanding under our term loan. Financial Outlook For the full year 2021, we expect net revenue between $370 million and $372 million.Adjusted EBITDA for the full year 2021 is expected to be between $38 million and $39 million, which represents growth of 101% and 106% over 2020. This equates to an expected Adjuste...