Poshmark continues to perform well despite 43% year-on-year growth in GMV in the first quarter

Poshmark continues to perform well despite 43% year-on-year growth in GMV in the first quarter

Financial report data shows that in the first quarter of 2021, Poshmark's GMV increased by 43% year-on-year to US$441 million, compared with only US$309.3 million in the same period of 2020. It is worth noting that its sales increased by 42% to US$81 million from US$57.1 million in the same period last year, exceeding analysts' expectations of US$77.2 million.

 

The active second-hand market has led to an increase in the number of active buyers, which has now grown to 6.7 million. But at the same time, the loss rate has greatly expanded, with losses increasing from $11 million in the same period last year to $74.5 million. Poshmark's stock has also been affected by the financial report, and its stock price has fallen 11% since Wednesday.

 

Shares of ThredUp , another secondhand marketplace, also fell 8% recently. ThredUp is investing in new warehouses and automation to meet the demand it sees from customers and speed up delivery. But that has put pressure on profits.

 

ThredUp’s net loss widened to $16.17 million, or 86 cents per share, in the period ended March 31, from $13.2 million, or $1.23 per share, a year earlier. Excluding one-time items, the company lost 17 cents per share.

 

Its revenue rose 15.2% to $55.7 million from $48.3 million a year ago , beating estimates of $48.4 million. The company said its number of active buyers rose 14% year-on-year to 1.29 million, and orders rose 18% to 1.13 million.

 

“We continue to be optimistic about the long-term growth of resale and are seeing early signals of increased buying enthusiasm as the U.S. economy reopens,” CEO and co-founder James Reinhart said in a statement.

 

Neil Saunders, managing director of retail at GlobalData, noted that expenses related to ThredUp’s IPO increased in the first quarter and that those expenses would fade over time.

 

“The pandemic has accelerated interest in reselling apparel…which has surged the number of consumers active in the circular economy, even at a time when overall apparel demand remains suppressed,” Sanders said.


Poshmark

First quarter

Revenue

<<:  Allegro's sales increased by 61% in the first quarter of this year, and its net profit reached 270 million zlotys

>>:  With a compound annual growth rate of over 100%, Amazon's top-selling product category shows its strengths

Recommend

What is Mo Dao Sang Yu? Mo Dao Sang YuReview, Features

The Modaosangyu Cross-border Business Department,...

What is Vital Proteins? Vital Proteins Review, Features

Vital Proteins is a nutritional supplement brand ...

What is FESCO? FESCO Review, Features

<span data-docs-delta="[[20,{"gallery"...

Chewy leads the pet industry in customer loyalty

The pet industry has flourished during the pandem...

What is Cyfe? Cyfe Review, Features

Cyfe is an analytics tool that aggregates all kind...

What is The Honest Company Inc.? The Honest Company Inc. Review, Features

The Honest Company Inc. specializes in making clea...

Suddenly disbanded! Another cross-border e-commerce company collapsed

Since the beginning of this year, the cross-borde...

What is Craftybase? Craftybase Review, Features

Craftybase is an all-in-one inventory management s...

What is e-elf ERP? e-elf ERP Review, Features

e-Elf ERP focuses on consumer goods industries suc...

What is Buffy? Buffy Review, Features

Buffy specializes in making the finest sustainable...

The seller called the police and a service provider was disbanded today?

In recent days, an employee of the company reveal...

What is AUK Logistics? AUK Logistics Review, Features

AUK Logistics was founded in Melbourne, Australia ...