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

​The owner of Revolve and Fwrd fashion e-commerce platforms said trailing 12-month active customers grew to 2,551,000 as of March 31, an increase of 5% year-over-year. ​

Revolve segment sales dipped 1% to $229.6 million, while Fwrd segment sales were $41 million, a year-over-year decrease of 15%. Domestic sales fell 3% to $219.1 million, while international sales fell 3% to $51.5 million.

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

​”We delivered significant expansion of our gross margin and year-over-year efficiency in our variable logistics costs in the first quarter of 2024, which contributed 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 growth in net sales year-over-year during the final month of our first quarter of 2024 as well as during the first month of our second quarter of 2024.”

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