![]() On very positive front, however, we are making great progress on several key initiatives. This led to a 1% year-over-year decrease in net sales for the first quarter. Department of Commerce data showing a meaningful deceleration in consumer spending from January to March. After a better-than-expected start to the first quarter of 2023 that we discussed in February on our fourth quarter earnings call, consumer demand decelerated for the remainder of the first quarter, consistent with the U.S. We reported mixed results for the first quarter of 2023 amidst an increasingly uncertain macro environment and against a very difficult prior year comparison. Hello, everyone, and thanks for joining us today. ![]() Following our prepared remarks, we'll open the call for your questions. Joining me on the call today are co-Founders and co-CEOs, Mike Karanikolas and Michael Mente as well as Jesse Timmermans, our CFO. Reconciliations of non-GAAP measures to GAAP measures as well as the definitions of each measure, their limitations and our rationale for using them can be found in this afternoon's press release and in our SEC filings. And our non-GAAP measures may be different from non-GAAP measures used by other companies. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for or superior to the financial information prepared and presented in accordance with GAAP. We use non-GAAP measures in some of our financial discussions as we believe they provide valuable insights on our operational performance and underlying operating results. ![]() We undertake no obligation to revise or update any forward-looking statements or information, except as required by law.ĭuring our call today, we will also reference certain non-GAAP financial information, including adjusted EBITDA and free cash flow. These statements are subject to various risks, uncertainties and assumptions that could cause our actual results to differ materially from these statements including the risks mentioned in this afternoon's press release as well as other risks and uncertainties disclosed under the caption Risk Factors and elsewhere in our filings with the Securities and Exchange Commission, including, without limitation, our annual report on Form 10-K for the year ended December 31, 2022, and our subsequent quarterly reports on Form 10-Q, all of which can be found on our website at. ![]() I would also like to remind you that this conference call will include forward-looking statements, including statements related to various business operations and marketing initiatives and investments, our inventory balance and management, economic conditions and their impact on consumer demand, the impact of our new fulfillment centers, our future growth and profitability, market opportunities, macroeconomic and industry trends and our outlook for net sales, gross margin, operating expenses and effective tax rate. Before we begin, I'd like to mention we have posted a presentation containing Q1 financial highlights to our Investor Relations website located at. Good afternoon, everyone, and thanks for joining us to discuss Revolve's first quarter 2023 results. At this time, I would like to welcome everyone to Revolve's First Quarter 2023 Earnings Conference Call.Īt this time, I would like to turn the conference over to Erik Randerson, Vice President of Investor Relations at Revolve. My name is Lisa, and I will be your conference operator today. Tom Nikic Research Analyst Wedbush Securities Inc., Research Division Presentation Simeon Avram Siegel MD and Senior Retail & Services Analyst BMO Capital Markets Equity Research Konik Equity Analyst Jefferies LLC, Research Division Rakesh Babarbhai Patel MD & Research Analyst Raymond James & Associates, Inc., Research Division Oliver Chen MD & Senior Equity Research Analyst TD Cowen, Research Division Matthew Butler Koranda MD & Senior Research Analyst ROTH MKM Partners, LLC, Research Division Altschwager Senior Research Analyst Robert W. Lorraine Corrine Maikis Hutchinson MD in Equity Research BofA Securities, Research Division Janine Marie Hoffman Stichter MD & Consumer Retail and Lifestyle Brands Analyst BTIG, LLC, Research Division James Vincent Duffy MD Stifel, Nicolaus & Company, Incorporated, Research Division Michael Mente Co-Founder, Co-CEO & Director Revolve Group, Inc.Ĭharles Robert Tevebaugh Research Analyst Needham & Company, LLC, Research DivisionĮdward James Yruma MD & Senior Research Analyst Piper Sandler & Co., Research Division Michael Karanikolas Co-Founder, Co-CEO & Chairman of the Board Revolve Group, Inc. Erik Randerson VP of IR Revolve Group, Inc.
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