Business
thredUP Announces Second Quarter 2021 Results
Another record-setting quarter with 27% year-over-year revenue growthGross margins expanded to a record 74% and gross profit grew 34% year-over-year to a
About this update from Thredup Inc.
[{"type":"text","content":"Another record-setting quarter with 27% year-over-year revenue growthGross margins expanded to a record 74% and gross profit grew 34% year-over-year to a record $44 millionAll-time high Active Buyers of 1.34 million and Orders of 1.22 millionAnnounced the initial phase of international expansion with the planned acquisition of Remix in EuropeEstablished new resale programs enabled by Resale-as-a-Service® (RaaS®) with consumer brands including Madewell, FARFETCH, Fabletics, Vera Bradley, and LG – the first non-fashion brand to leverage RaaS®Published our ninth annual Resale Report, which includes a new thredUP Impact Section detailing our ESG progress and commitment OAKLAND, Calif., Aug. 10, 2021 (GLOBE NEWSWIRE) -- ThredUp Inc. (Nasdaq: TDUP), one of the largest online resale platforms for women’s and kids’ apparel, shoes, and accessories, announced today its financial results for the second quarter ended June 30, 2021. “thredUP is pleased to share another strong quarter with a further proofpoint of secondhand’s strength as evidenced by our better-than-expected revenue growth. In addition, our industry-leading infrastructure is reflected by our strong gross margin trends,” said CEO and co-founder James Reinhart. “Beyond our core marketplace growth, we announced thredUP's entrance into Europe through the planned acquisition of Remix and further growth of our RaaS® client base including the first white-label resale shop created for Madewell. We also released thredUP's ninth annual Resale Report, which revealed that the secondhand opportunity is continuing to grow. We believe thredUP is well-positioned to capture growth and fuel the rapidly emerging resale ecosystem.\" Second Quarter 2021 Financial Highlights Revenue: Total revenue was a record at $60 million, an increase of 26.7% year-over-year.Gross Profit and Gross Margin: Gross profit totaled $44.1 million representing growth of 33.7% year-over-year. Gross margin expanded to 73.6% from 69.7% in the comparable quarter last year.Net Loss: GAAP net loss was $14.4 million, or 24% of revenue, for the second quarter 2021, compared to a GAAP net loss of $6.7 million, or 14.1% of revenue, for the second quarter 2020.Adjusted EBITDA and EBITDA Margin: The Adjusted EBITDA loss was $9 million, or 15.1% of revenue, for the second quarter 2021, compared to the Adjusted EBITDA loss of $3.3 m...