Revolve Group, Inc. reported a net sales increase of 5.7% for the fiscal year ending December 31, 2024, reaching $1.13 billion compared to $1.07 billion in 2023. The company's gross profit margin improved to 52.5%, up from 51.9% in the previous year, reflecting a higher percentage of full-price sales and effective inventory management. Net income for 2024 was $48.8 million, a significant increase from $28.1 million in 2023, driven by improved operational efficiencies and a lower proportion of returned purchases.
The company experienced notable changes in its operational metrics, with active customers rising to 2.7 million, up from 2.5 million in 2023. Total orders placed increased to 8.87 million, compared to 8.7 million the previous year, while the average order value rose to $302 from $297. The REVOLVE segment, which primarily focuses on emerging and established brands, generated $970.5 million in net sales, a 7.3% increase from the prior year. Conversely, the FWRD segment saw a decline in sales, dropping 2.9% to $159.4 million.
Strategically, Revolve expanded its product offerings and enhanced its marketing efforts, including a focus on influencer partnerships and experiential marketing. The company also made a significant acquisition in June 2024, purchasing the French luxury brand Alexandre Vauthier for $0.4 million, which is expected to enhance its portfolio and market presence. Additionally, Revolve's stock repurchase program, authorized in August 2023, allows for the repurchase of up to $100 million of its Class A common stock, with approximately $57.6 million remaining as of December 31, 2024.
Geographically, Revolve's international sales accounted for 20% of total net sales, reflecting a 14.2% increase from the previous year. The company continues to leverage its technology platform to optimize inventory management and enhance customer experience, which has been critical in maintaining its competitive edge in the fashion retail market. As of December 31, 2024, Revolve had 1,632 employees, an increase from just over 1,000 in 2019, indicating a commitment to scaling operations to support growth.
Looking ahead, Revolve Group, Inc. aims to continue expanding its customer base and enhancing customer loyalty through improved service and product offerings. The company plans to invest in international markets and evaluate the potential for physical retail expansion, while also focusing on innovation in its technology and marketing strategies to adapt to changing consumer preferences and market conditions.
About Revolve Group, Inc.
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