ThredUp raises FY revenue outlook, dual lists on LTSE

Second-hand fashion platform ThredUp has upped its full-year revenue guidance after beating its own expectations in the first quarter of the year.

The San Francisco-based business posted revenue of 75.9 million dollars in the quarter ended March 31, which was up 4 percent year-on-year and was ahead of the upper end of its previous guidance of 73 million dollars.

That came despite the company’s active buyer number and order numbers dropping by 3 percent and 8 percent, respectively.

Based on its first-quarter results, ThredUp now expects FY23 revenue of between 320 million dollars and 330 million dollars, above its previous guidance of between 310 million dollars and 320 million dollars.

The company’s net loss in the first quarter narrowed to 19.8 million dollars from 20.7 million dollars the prior year.

“Demonstrating the strength and flexibility of our marketplace model, we are extremely proud of our Q1 results,” said ThredUp CEO and co-founder James Reinhart in a statement.

“Even as the consumer environment remains dynamic, we are confident in our ability to flex our marketplace, invest in strategic growth opportunities, and make progress towards profitability,” he said.

Dual listing

ThredUp, which is already listed on Nasdaq, also announced Tuesday it has dual-listed its Class A common stock on the Long-Term Stock Exchange (LTSE), a subsidiary of LTSE Group.

LTSE is an exchange focusing on long-term, sustainable investments. To be listed on LTSE, companies are required “to detail and publish policies on their website that offer stakeholders insight into how a company builds its business for the long term”.

ThredUp is only the second business to list on LTSE after American software company Asana.

Commenting on the listing, Reinhart said: “It is time for decisive action. Companies have punted too many promises to their stakeholders on the environment, social causes and who they are building for.

“By dual listing on LTSE, we are codifying the critical relationship between ThredUP and our long-term stakeholders and ensuring our success is their success.”