US fashion retailer Revolve Group reports Q1 FY21 sales of $179 mn

Revolve Group, a US-based next-generation fashion retailer for millennial and generation Z consumers, reported 22 per cent sales growth to $178.9 million in its first quarter (Q1) of FY21 ended on March 31, 2021, compared to $146.0 million in the same period of previous fiscal. The group’s net income rose to $22.2 million (Q1 FY20: $4.1 million).

“Our exceptional results for the first quarter reinforce our belief that Revolve is uniquely positioned for the reopening of economies and the post-Covid world as a brand consumers associate with living an active social lifestyle. We are excited to re-accelerate our investment in the business to support our next phase of growth,” Mike Karanikolas, co-founder and co-CEO at Revolve Group, said in a press release.

“Particularly exciting is that the strong recovery in March came from a return to growth in styles associated with social outings, such as dresses, as well as continued strong growth in at home related products, including beauty, intimates and activewear that have grown rapidly throughout the pandemic,” Michael Mente, co-founder and co-CEO at Revolve Group said.

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