Kid's subscription service Kidpik reports increase in Q3 revenue

Kidpik, an online clothing subscription service for children, has reported a 20.3 percent increase in revenue in the third quarter of the year.

In the three months to October 2, revenue increased to 5.57 million dollars compared to 4.63 million dollars a year earlier.

CEO Ezra Dabah said the increase in revenue was driven “mainly by the introduction of boys’ subscription boxes, the continued growth of our girls’ subscriptions and the newly introduced toddler box collection”.

Meanwhile, Kidpik’s gross margin was 58.2 percent compared to 59.3 percent in the third quarter of 2020.

The company reported a net loss of 1.19 million dollars compared to a loss of 0.98 million dollars a year earlier.

The trading update comes after Kidpik launched an 18 million dollar IPO in November.

Dabah continued: “Strengthening our balance sheet gives us the ability to make further investments in building our brand, growing our revenue, and driving shareholder value.

“We look forward to achieving our growth objectives by leveraging our merchandising expertise, the technology we have built, and the knowledge our team has gained over the last five years in the rapidly growing subscription industry.”