ThredUp posts increase in Q2 revenue, narrows losses

Second-hand fashion platform ThredUp has reported an 8 percent increase in revenue in the second quarter as it narrowed its losses.

The San Francisco-based company generated revenue of 82.7 million dollars in the three months ended June 30, up from 76.4 million dollars a year earlier.

That came as its active buyers fell 0.8 percent to 1.7 million, but orders increased 5 percent to 1.8 million.

ThredUp narrowed its net loss in the second quarter to 18.8 million dollars from a loss of 28.4 million dollars the prior year.

“As we enter our third year as a public company, we're proud of our strong Q2 results,” said thredUp CEO and co-founder James Reinhart.

He continued: “Our performance demonstrates both the management team’s ability to forecast and manage the business amid a dynamic consumer environment as well as the sound strategy behind key company initiatives that have powered our growth and margin expansion.”

While ThredUp is a second-hand platform in itself, it also offers its Resale-as-a-Service (RaaS) to other businesses. It said it launched a dozen new resale programs in Q2 with brands including American Eagle and Toms.

Looking ahead, ThredUp expects FY23 revenue in the range of 325 million dollars and 329 million dollars, and adjusted EBITDA loss margin in the range of 4.5 percent to 5.5 percent.