Sales in the first quarter fell by 3%, despite an increase in the number of active customers

Revolve Group said first-quarter sales were $270.6 million, down 3%, as lower sales at a price cut offset an increase in full-price sales during the three months.

The owner of e-commerce platforms Revolve and Fwrd said the number of active customers in the last 12 months had grown to 2,551,000 as of March 31, up 5% year-on-year.​

Revolving segment revenue decreased by 1% $229.6 millionwhile sales in the Fwrd segment were $41 million, a year-over-year decline of 15%. Domestic sales fell by 3% $219.1 millionwhile international sales fell by 3% $51.5 million.

Net income was $10.9 milliona year-over-year decline of 23%, and included an insurance recovery of $2.8 million ($2.1 millionafter deduction of taxes) within other income, net.

“We achieved significant gross margin expansion and year-over-year efficiencies in our variable logistics costs in the first quarter of 2024, contributing to strong profitability and cash flow generation that further strengthened our balance sheet,” said co-founder and co-CEO Mike Karanikolas.

“I am also encouraged that we returned to positive year-over-year net sales growth in both the last month of our first quarter 2024 and the first month of our second quarter 2024.”

In late February, the luxury fashion company announced the appointment of Marianna Hewitt as creative director of its own label, L’Academie, following the addition of Jennifer Baxter Moser to its board of directors in January.