Business
ThredUp Announces Second Quarter 2024 Results
Second quarter revenue of $79.8 million, representing a decrease of 4% year-over-year.Second quarter gross margin of 70.4% and an increase in gross profit of
About this update from Thredup Inc.
[{"type":"text","content":"Second quarter revenue of $79.8 million, representing a decrease of 4% year-over-year.Second quarter gross margin of 70.4% and an increase in gross profit of 1% year-over-year.Active Buyers of 1.7 million and Orders of 1.7 million in Q2 2024, representing a decrease of 3% and a decrease of 6%, respectively, year-over-year.Evaluating strategic alternatives for its European business; providing Q3, Q4, and updated FY 2024 guidance for both consolidated and U.S. only operations. OAKLAND, Calif., Aug. 05, 2024 (GLOBE NEWSWIRE) -- ThredUp Inc. (Nasdaq: TDUP, LTSE: TDUP), one of the largest online resale platforms for apparel, shoes, and accessories, announced today its financial results for the second quarter ended June 30, 2024 and updated full year 2024 financial outlook. “While this quarter presented challenges in both the U.S. and Europe, we have emerged with a renewed focus,” said ThredUp CEO and co-founder James Reinhart. “Looking ahead, we are intent on enhancing our product experience through gen-AI, improving our unit economics and driving process improvements throughout our operations. As we become a US only business again, we expect to grow faster, with structurally higher gross margins, positive adjusted EBITDA, and free cash flow.\" Second Quarter 2024 Financial Highlights Revenue: Total revenue of $79.8 million, a decrease of 4% year-over-year. U.S. revenue of $66.7 million, flat year-over-year.Europe revenue of $13.0 million, a decrease of 18% year-over-year. Gross Profit and Gross Margin: Gross profit totaled $56.1 million, an increase of 1% year-over-year. Gross margin was 70.4% as compared to 67.4% for the second quarter 2023. U.S. gross profit of $52.6 million, an increase of 3% year-over-year. Gross margin was 78.8% as compared to 76.4% for the second quarter 2023.Europe gross profit of $3.6 million, a decrease of 25% year-over-year. Gross margin was 27.3% as compared to 29.8% for the second quarter 2023. Net Loss: Net loss was $14.0 million, or a negative 17.5% of revenue, for the second quarter 2024, compared to a net loss of $18.8 million, or a negative 22.7% of revenue, for the second quarter 2023.Adjusted EBITDA Loss and Adjusted EBITDA Loss Margin1: Adjusted EBITDA loss was $1.5 million, or a negative 1.9% of revenue, for the second quarter 2024, compared to an Adjusted EBITDA loss of $5.0 million, or a negat...