Market Updates
ThredUp Loss Doubles and Lowers 2022 Revenue Outlook
Scott Peters
16 Aug, 2022
New York City
ThredUp Inc soared 16.4% to $3.59 after the online apparel resale platform operator said second quarter total revenues increased 27% to $76.4 million.
Gross margin in the second quarter fell to 68.9% from 73.6% a year ago.
Net loss in the quarter expanded to $28.4 million from $14.4 million a year ago.
Diluted loss per share increased to 29 cents from 15 cents a year ago and number of outstanding shares increased to 99.3 million from 94.4 million a year ago.
Active buyers increased 29% to 1.7 million and active orders soared 40% to 1.7 million in the second quarter.
The retailer guided third quarter revenues between $64 million and $66 million and gross margin between 65% and 67% and fourth quarter revenues between $70 million and $72 million and gross margin between 64% and 66%.
For the full-year 2022, Thredup lowered its estimate of revenues between $283 million and $287 million from the previous estimate between $315 million and $325 million but retained its gross margin estimate between 67% and 69%.
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