NEW YORK - Revolve Group Inc (NYSE:RVLV) shares jumped 10% in after-hours trading on Tuesday after the online fashion retailer reported third-quarter results that beat analyst expectations and provided an optimistic outlook.
The company posted adjusted earnings per share of $0.15, surpassing the consensus estimate of $0.10. Revenue came in at $283.15 million, topping expectations of $270.87 million and representing a 10% year-over-year increase.
Revolve's strong performance was driven by double-digit top-line growth and significant expansion in profitability. Net income surged 238% to $10.8 million compared to $3.2 million in the same quarter last year. Adjusted EBITDA grew 85% year-over-year to $17.5 million.
"We delivered exceptional results in the third quarter, highlighted by double-digit top-line growth, significant expansion of net income, and 85% growth in Adjusted EBITDA year-over-year," said co-founder and co-CEO Mike Karanikolas.
The company reported continued momentum into October, with net sales increasing by a low-double digit percentage YoY. Revolve also provided upbeat guidance for the fourth quarter and full year 2024.
Active customers grew 5% YoY to 2.63 million, while total orders placed increased 3% to 2.2 million. The average order value rose slightly to $303.
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