Our effective tax rate was 28 points higher in the first quarter of 2022 than in the prior-year comparable period. Net income was $22.6 million, a year-over-year increase of 1%, a comparison that was impacted by the meaningful differences in our effective tax rate.
Absent such discrete tax items in future quarters, we expect our effective tax rate to be around 25%. However, our effective tax rate for the first quarter of 2021 was an unusually low (6%), primarily due to excess tax benefits realized as a result of the exercise of non-qualified stock options. Tax rate: Our effective tax rate of 22% for the first quarter of 2022 is broadly consistent with our outlook provided last quarter.Income before income taxes was $29.0 million, an increase of 38% year-over-year.Gross margin was 54.5%, an increase of 44 basis points year-over-year, and our highest-ever gross margin for a first quarter.Total net sales were a record $283.5 million, an increase of 58% year-over-year.Total active customers grew to 2.0 million, an increase of 38% year-over-year, illustrating the strong consumer appeal of our offerings.
REVOLVE GROUP STOCK DRIVER
(in thousands, except average order value and percentages)Īdditional First Quarter 2022 Metrics and Results CommentaryĪccelerated growth in active customers was a key driver of our strong results, highlighted by record quarterly growth of 201,000 active customers during the first quarter of 2022. Net cash provided by operating activitiesįree cash flow (non-GAAP financial measure) “With our team and operational excellence as the foundation, combined with our strong brand momentum and connection with the consumer, we believe we are very well positioned for continued market and wallet share gains to capitalize on the exciting opportunities ahead.”Īdjusted EBITDA (non-GAAP financial measure) “Our customer engagement is stronger than ever, driving incredible momentum in the business, and the return of our impactful, in-person events – such as REVOLVE Festival – is further strengthening our connection with the next-generation consumer,” said co-founder and co-CEO Michael Mente. “These impressive results and our consistent delivery of profitable growth reflect outstanding performance across the REVOLVE and FWRD segments, underscoring our team’s ability to execute and navigate through what continues to be a very challenging macro environment.” “We’ve had an exceptional start to the year, highlighted by 58% net sales growth year-over-year in the first quarter, record quarterly growth in active customers, and record levels of net income and operating cash flow for any first quarter,” said co-founder and co-CEO Mike Karanikolas.
(NYSE: RVLV), the next-generation fashion retailer for Millennial and Generation Z consumers, today announced financial results for the first quarter ended March 31, 2022.
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