Business
Lulus Reports Strong Fourth Quarter 2021 Results and Record Fiscal Year Net Revenue
Record-Breaking Full Year 2021 Net Revenue of $376 million, up 51% from 2020Record-Breaking Fourth Quarter Net Revenue of $97 million, up 78% from Fourth
About this update from Lulu's Fashion Lounge Holdings, Inc.
[{"type":"text","content":"Record-Breaking Full Year 2021 Net Revenue of $376 million, up 51% from 2020Record-Breaking Fourth Quarter Net Revenue of $97 million, up 78% from Fourth Quarter 2020 Full Year 2022 Net Revenue Outlook of $480-$490 million,Up 28%-30% from 2021 CHICO, Calif., March 31, 2022 (GLOBE NEWSWIRE) -- Lulu’s Fashion Lounge Holdings, Inc. (“Lulus”) (Nasdaq: LVLU) today reported financial results for the fourth quarter and full year ended January 2, 2022. David McCreight, CEO of Lulus, said: “Our excellent fourth quarter results concluded a very exciting 2021 in which we completed our initial public offering and fully paid off our term loan, providing us a very strong balance sheet and greater flexibility to invest in our business going forward. Thanks to the tremendous work of the LuCrew, we had a record-breaking fourth quarter for certain of our key operational and financial metrics. Q4 net revenue was up 78% year-over-year.Q4 gross margin increased 200 basis points to 44.9% while gross profit increased 86% year-over-year.Q4 net loss of $8.8 million was due to the acceleration of stock-based compensation concurrent with our IPO; however, we achieved Adjusted EBITDA of $6.4 million compared to a loss of $0.1 million in the same period last year.Strong financial metrics in 2021 and Q4 were achieved through growth in Average Order Values (“AOV”) for both new and repeat customers, as well as growth in Active Customers. AOV in Q4 increased to $121 compared to $99 in the prior year, an increase of 22%. Active Customers increased to 2.8 million compared to 2.0 million in the prior year, an increase of 38%. Our deep relationships with our customers have also driven increases in our customer satisfaction metrics. We look forward to continuing to engage with and delight both new and existing customers with high-quality products at affordable price points to carry them through their everyday lives, as well as their most special occasions. Finally, we are excited about our current and future investments in technology and operations to continue driving strong and profitable growth.” Fourth Quarter 2021 Earnings: Incurred a net loss per share of $4.69, which was greater than the prior period net loss per share of $0.24, due to the impact of the following one-time, non-cash items triggered by our IPO: (1) a deemed dividend related to the conversion of ...