Business
The RealReal Announces Second Quarter 2021 Results
Q2 GMV Increased 91% Y/Y to $350 millionQ2 Total Revenue Increased 83% Y/Y to $105 millionQ2 Gross Profit Per Order Improved $9 Q/Q to $94 Per Order SAN
About this update from The Realreal, Inc.
[{"type":"text","content":"Q2 GMV Increased 91% Y/Y to $350 millionQ2 Total Revenue Increased 83% Y/Y to $105 millionQ2 Gross Profit Per Order Improved $9 Q/Q to $94 Per Order SAN FRANCISCO, Aug. 09, 2021 (GLOBE NEWSWIRE) -- The RealReal (Nasdaq: REAL)—the world’s largest online marketplace for authenticated, resale luxury goods—today reported financial results for its second quarter ended June 30, 2021. The company reported another quarter of strong growth, driving its highest quarterly gross merchandise volume (GMV) to date in Q2, increasing 91% Y/Y and 53% compared to the same period in 2019. The RealReal also achieved its highest quarterly additions of both new and repeat consignors to its marketplace to date. “We’re pleased to report another quarter of strong growth and believe the strength of the current trends in the business will continue for the balance of this year and into next year. In addition to our GMV growth and improved gross profit per order, the efficiency of our operations and marketing continue to improve — all key elements of our path to profitability,” said Julie Wainwright, founder and CEO of The RealReal. In Q2, The RealReal executed a number of key initiatives to support efficient growth. The company resumed at-home concierge appointments, with overall units per appointment exceeding pre-COVID levels and resulting in at-home representing 38% of total units in June. The RealReal also drove increased supply through its expanding brick-and-mortar presence, with retail stores generating approximately 30% of new consignors in Q2. With the opening of neighborhood stores in Austin, Texas; Dallas; and Atlanta; followed by an additional opening in Marin County, Calif., at the start of Q3, the company now operates nine neighborhood stores and plans to open one or two more over the coming months. “Our retail stores continue to perform very well, particularly in driving new consignor acquisition and supply. Following the expansion of our neighborhood store footprint, we plan to pause our retail rollout to optimize performance and gather data to inform our future rollout strategy,” continued Wainwright. The RealReal also released the next generation of its authentication and pricing engines in Q2, part of its investment in technology to further differentiate its business, drive efficiencies in its operations and enable significant future scal...