Ecommerce earnings: Recap from Revolve, Tapestry

New earnings results are out from retailers in Digital Commerce 360’s Top 1000 list of leading ecommerce retailers in North America. Their results offer insights into how consumer buying patterns are changing and what strategies are working in response. Tapestry, Revolve and Brilliant Earth were among the latest to report. Here’s the ecommerce earnings summary you need to know from this quarter. Read more ecommerce earnings coverage here.

Parentheses indicate the merchant’s ranking in the Top 1000, unless otherwise stated.

More retailers in Digital Commerce 360’s Top 1000 list of leading ecommerce retailers in North America reported ecommerce earnings results for the most recent fiscal quarter.

This week’s ecommerce earnings takeaways

Secondhand retailers, including ThredUp and The RealReal, continue to benefit from consumers searching for deals and increasingly being willing to buy used apparel and accessories.
Hims & Hers recorded massive year-over-year growth with the payoff from a successful marketing campaign that could influence other retailers looking to emulate its success.

Allbirds Inc. (No. 395)

Q1 2024: Allbirds said revenue declined 27.6% to $39.3 million in the first quarter ended March 31. That was in line with previous guidance for the quarter, it said.

“The year-over-year decrease is primarily attributable to lower overall demand, as well as the impact of international distributor transitions and retail store closures,” Allbirds said in a press release.

Its strategy going forward is to introduce new products that resonate with customers. Recent launches have performed well, CEO Joe Vernachio said.

Arhaus Inc. (No. 331)

Q1 2024: Arhaus net revenue declined 9.5% to 295 million in the first quarter ended March 31. The decline was due to a backlog of deliveries and weather-related delivery issues, the retailer said, partially offset by increased demand.

The retailer did not share specific ecommerce results.

“Really, really pleased with the results that we’re seeing on e-comm, both in terms of sales and also some of the improvements that we’re making in terms of getting traffic to the site and engages when people are on the site,” chief marketing officer Jennifer Porter told investors.

Beyond Inc. (No. 63)

Q1 2024: Beyond, Inc. reported a slight earnings increase and growth in active customers and orders in its fiscal first quarter ended March 31. [Let’s add at least one relevant number here. –BW]

Brilliant Earth Group, Inc. (No. 200)

Q1 2024: Brilliant Earth reported that revenue remained flat at $97.3 million in the first quarter ended March 31. Total orders grew 13%, and repeat order volume grew more than 20%, the jewelry retailer said. However, average order value declined 12.4%. That’s partially due to fine jewelry, as opposed to engagement rings, becoming a larger part of the business. For example, in the two weeks leading up to Valentine’s Day, fine jewelry sales grew 45% year over year. Heart-shaped jewelry sales grew 182% year over year in the full quarter.

CarParts.com, Inc. (No. 146)

Q1 2024: Revenue declined 5% $166.3 million in the quarter ended March 30, Carparts.com said. The majority of the decline came from lights and mirrors, which typically make up about one-quarter of revenue, the retailer said. Due to increased pressure on discount-seeking consumers, CarParts.com will focus customer acquisition on “consumers that want quality parts at competitive prices,” it said. That customer base is more profitable and will yield better margins going forward, the retailer added.

Figs Inc. (No.163)

Q1 2024: Figs net revenue declined 0.8% to $119.3 million in the first quarter ended March 31. A decrease in orders was partially offset by an increase in average order value, Figs said.

“We’re going to continue to be disciplined around our promotional cadence and we’re going to continue to really utilize promotions in a very celebratory way,” CEO Trina Spear said as the retailer invests in marketing campaigns like the new “I am a nurse” campaign.

Fossil Group, Inc. (No. 188)

Q1 2024: Fossil reported net sales decreased 22% to $255 million in the first quarter ended March 30. The retailer cited “category, consumer and channel softness,” as reasons for the decline, with declines in smartwatch sales also contributing. Industry trends continue to be difficult, the retailer said, as consumers look for value and low costs. However, Fossil predicts a long-term stabilization in the watch market.

Hanesbrands Inc. (No. 277)

Q1 2024: Hanes reported that net sales declined 17% to $1.16 billion in the first quarter ended March 30. That was in the middle of the company’s expectations, it said. Activewear was hit particularly hard, with sales falling 31% year over year to $97 million.

“The remainder of the year-over-year sales decrease was driven by the ongoing combination of challenging activewear apparel market dynamics, including soft consumer demand and cautious ordering from retailers,” Hanes said in a statement.

However, U.S. ecommerce sales fared better. They grew 12% year over year.

Hims & Hers Health Inc. (No. 115)

Q1 2024: Hims & Hers revenue grew 46% to $278.2 million in the first quarter ended March 31. The health company significantly increased investments in TV and other brand campaigns over the last few years, which are now paying off, it said.

“A multi-specialty platform enables us to do this in an efficient manner as we’re able to speak to consumers broadly about a platform of capabilities versus an individual condition. It is clear to us that these efforts are starting to compound,” co-founder and CEO Andrew Dudum told investors.

The retailer ended the quarter with 1.7 million subscribers.

The Honest Company Inc. (No. 823)

Q1 2024: Revenue grew 3% to $86 million in the Honest Co.’s first quarter ended March 31. Baby apparel, wipes, and baby personal care categories drove the growth, it said. The retailer reported a net loss of $1 million, compared with a loss of $19 million in the year-ago period.

The retailer found success on Amazon last quarter. It quadrupled the number of new-to-household customers on Amazon in Q1, it said.

iRobot Corp. (No. 422)

Q1 2024: iRobot said revenue declined 6% to $150.0 million in the first quarter ended March 30. 25% of Q1 revenue was from ecommerce due to greater-than-usual investment in online marketing, iRobot said. It added that that level is likely unsustainable in future quarters.

iRobot also announced Gary Cohen as its new CEO. Cohen previously worked as CEO of Qualitor Automotive and Timex.

Qurate Retail Inc. (No. 18)

Q1 2024: Qurate said revenue declined 4% to $2.64 billion in its fiscal first quarter ended March 31. The Cornerstone brand recorded the greatest decrease in revenue due to challenges in demand for home goods, the retailer said. Qurate is in the midst of a new advertising campaign aimed at the core customer of women over 50, it said.

The RealReal Inc. (No. 714)

Q1 2024: The RealReal said revenue grew 1% to $144 million in its fiscal first quarter ended March 31. Gross merchandise value (GMV) grew 2% to $452 million over the same period.

Customers on the resale website are “healthy overall,” chief operating officer Rati Levesque said. Average order value and average selling price both increased in the quarter, she added.

Revolve Group Inc. (No. 87)

Q1 2024: Revolve net sales declined 3% to $270.6 million in its fiscal first quarter ended March 31. The apparel retailer said the decline was due to less discounting of products than in the 2023 period. However, sales did grow year over year in the last month of Q1 and the first month of Q2, it said.

Revolve executives see an opportunity to grow their footprint in the luxury ecommerce space.

“Challenges among certain of our luxury e-commerce competitors have further accelerated in recent months,” co-CEO Michael Mente said. “The resulting disruption affecting luxury consumers and luxury brands creates a compelling opportunity for a profitable and cash generative company like Revolve to capitalize by investing in strategies to gain market share. We believe there is an opportunity to pursue the millions of effectively abandoned luxury customers that are up for grabs in the aftermath of the recent industry malaise.”

Sally Beauty Holdings, Inc. (No. 399)

Q2 2024: Sally Beauty reported revenue declined 1.1% to $908 million in its fiscal second quarter ended March 31. Sales were hurt by soft traffic and slowing consumer purchase trends due to the inflationary environment, the retailer said.

Ecommerce sales were $90 million, or about 9.9% of total sales.

Tapestry Inc. (No. 43)

Q3 2024: Tapestry said revenue declined 2% to $1.48 billion in its fiscal third quarter ended March 30. Online sales accounted for more than 25% of revenue and were more than three times as high as pre-pandemic online sales.

Direct-to-consumer sales declined 4%, but were offset by a 20% growth in wholesale, Tapestry said. The retailer includes brands Coach, Kate Spade, and Stuart Weitzman.

Tempur Sealy International Inc. (155)

Q1 2024: Tempur Sealy reported that revenue declined 1.5% to $1.19 billion in its fiscal first quarter ended March 31. Ecommerce was a particularly strong segment of the business in Q1, with North America sales increasing 7.7% to $124.2 million. Meanwhile, wholesale sales in the region declined 3.4%. Ecommerce remains a relatively small part of the business, though, Tempur Sealy said.

ThredUp Inc. (No. 589)

Q1 2024: ThredUp revenue increased 5% to $79.6 million in the first quarter ended March 31. The resale retailer heavily invested in artificial intelligence (AI) in the quarter, enabling savings of $17 million and a 20% reduction in its workforce.

“We have launched a new AI search experience and created two new AI-powered tools that allow consumers to thrift any style that inspires them,” CEO James Reinhart said.

He said those AI tools are uniquely beneficial to ThredUp because of its large and constantly changing catalog.

Warby Parker Inc. (No. 351)

Q1 2024: Warby Parker said net revenue grew 16.3% to $200.0 million in its fiscal first quarter ended March 31. That was the highest quarterly growth since 2021, it said. Active customer count also grew, and both increases are due to successful marketing efforts and customer acquisition strategies, Warby Parker asserted.

“Earlier this year, we set out to reaccelerate both glasses and active customer growth,” said co-founder and co-CEO Dave Gilboa. “We’re encouraged to see strength in single-vision glasses as well as efficiencies across media channels, driven by our team’s strong marketing execution. In Q2 and beyond, we’ll continue to invest in customer acquisition while scaling our holistic vision care offering to drive higher customer lifetime value.”

Yeti Holdings, Inc. (No. 129)

Q1 2024: Yeti said net sales increased 13% to $341.4 million in its fiscal first quarter ended March 30. Drinkware sales grew 13%, and coolers grew 15%. Both led to growing sales across direct-to-consumer and wholesale channels.

To meet continued demand, Yeti will introduce more new products this year. It will introduce cast iron cookware this summer and expand its barware items for Father’s Day.

Other recent ecommerce earnings results

Adidas AG

Q1 2024 earnings: Adidas reported preliminary results for its first quarter ended March 31. Revenue grew 4% year over year to 5.46 billion euros. The latest Yeezy drop generated 150 million euros in revenue and 50 million euros in operating profit in the first quarter, Adidas said. Due to better-than-expected results, the retailer increased its 2024 guidance to expect mid to high single-digit growth.

Adidas ranks No. 16 in the Europe Database, which ranks the largest online retailers in the region.

Amazon.com Inc. (No. 1)

Q1 2024 earnings: Amazon net sales increased 13% to $143.3 billion in its fiscal first quarter, and its operating income more than tripled.

It ranks No. 1 in the Top 1000, Digital Commerce 360’s ranking of the largest North American online retailers. Amazon is also No. 3 in Digital Commerce 360’s Global Online Marketplaces Database, which ranks the 100 largest such marketplaces by third-party gross merchandise value (GMV).

Read more on Amazon’s earnings results here.

Aritzia, Inc. (No. 154)

Q4 2024 earnings: Aritzia reported that net revenue increased 7% to $682.0 million in its fiscal fourth quarter ended March 3, while comparable sales declined 3%. Retail net revenue increased 14.7%. Meanwhile, ecommerce revenue declined 3.2% to comprise 38.9% of total revenue. Aritzia is investing in updated technology for its website and plans to improve its omnichannel capacity.

“The tremendous opportunity we see in ecommerce is far greater than our recent performance, but we also recognize we’re coming off three years of unprecedented growth, delivering a four year ecommerce net revenue behavior of 34%,” CEO Jennifer Wong told investors.

Avery Dennison Corp. (No. 319)

Q1 2024 earnings: Avery Dennison said net sales grew 4% to $2.2 billion in the first quarter ended March 30.

“We are off to a strong start to the year. In the first quarter we delivered significant earnings growth, driven by higher volume and productivity gains,” president and CEO Deon Stander said in a written statement. “Materials Group delivered significant volume growth and margin expansion, as downstream inventory destocking subsided and volumes continued to normalize. Solutions Group delivered strong top-line growth, driven by high-value categories, despite apparel imports continuing to be below demand.”

Chewy Inc. (No. 12)

Q4 2023 results: Chewy, Inc. reported that net sales grew in its Q4 and fiscal 2023 ended Jan. 28, 2024, even as pet adoptions declined.

Columbia Sportswear Co. (No. 157)

Q1 2024 earnings: Columbia reported net sales declined 6% to $770.0 million in the first quarter ended March 31. Despite the decline, that result exceeded expectations, CEO Tim Boyle said. Direct-to-consumer in-store sales grew year over year, while ecommerce sales declined. That was largely due to promotional activity in 2023 inflating ecommerce sales numbers, he said. Specifically, U.S. DTC sales declined by “mid-teens percent,” Boyle said.

“The overall e-commerce environment remains challenging,” he added.

Costco Wholesale Corp. (No. 6)

Q2 2024 earnings: Costco said net sales grew 5.7% to $57.33 billion in its second fiscal quarter of 2024 ended Feb. 18. Ecommerce comparable sales grew 18.4% in the same period.

Read more on Costco ecommerce sales here.

EBay Inc.

Q1 2024 earnings: EBay revenue grew 2% to $2.56 billion in Q1 ending March 31 while gross merchandise value (GMV) stayed largely flat.

The marketplace ranks No. 6 in Digital Commerce 360’s Global Online Marketplaces database.

The Estee Lauder Companies, Inc. (No. 41)

Q2 2024 earnings: Estee Lauder reported net sales grew 5% to $3.94 billion in its second fiscal quarter ended March 31. Skin care made up the largest portion of sales, accounting for $2.06 billion in the quarter. That was an increase of 8% from $1.92 billion in the year-ago period. Makeup sales also grew, up 3% year over year to $1.14 billion. Fragrance sales remained nearly flat at $575 million. Meanwhile, hair care sales declined 3% to $143 million.

Etsy Inc.

Q1 2024 earnings: Etsy revenue grew 0.8% to $646.0 million in its fiscal Q1 ended March 31.

Etsy is No. 20 in the Global Online Marketplaces Database. Its musical instrument marketplace Reverb is No. 42 and used-clothing marketplace Depop is No. 51.

Read more on Etsy’s earnings results here.

Harley-Davidson, Inc. (No. 426)

Q1 2024 earnings: Harley-Davidson said revenue declined 3% to $1.73 billion in the first quarter ended March 31. Global motorcycle shipments decreased 7% year over year in the first quarter, in line with the auto company’s expectations, it said. Accordingly, wholesale shipments declined and sales prices were lower, leading to declining revenue. Revenue grew 12% for the financial services side of the business, despite higher-interest expenses, it said.

Home Depot (No. 4)

Q4 2023 results: Home Depot reported that online sales increased about 2% year over year in its fiscal fourth quarter ended Jan. 28. Meanwhile, total Q4 sales decreased 2.9% year over year to $34.8 billion.

Keurig Dr. Pepper Inc. (No. 102)

Q1 2024 earnings: Keurig Dr. Pepper reported that net sales increased 3.4% to $3.47 billion in the first quarter ended March 31. Keurig sales continued to grow among higher-income consumers, while lower- and middle-income consumers are more pressured, the retailer said. Ready-to-drink products represent an area where it can continue growing, it said.

The beverage company also announced incoming CEO Tim Cofer took over the role on April 26 after starting the CEO succession process in September 2023.

LVMH

Q1 2024 results: LVMH reported that total revenue declined 2% to 20.69 billion euros in its fiscal first quarter ended March 31. The wine and spirits category recorded the greatest decline, down 16% year over year. The decline in champagne reflected a continued decrease in post-COVID demand. Meanwhile, other products achieved strong growth in 2023, making results appear weaker this year, LVMH said.

Ecommerce sales grew more slowly than physical retail, but that’s not necessarily a problem, said chief financial officer Jean-Jacques Guiony.

“If products are being sold in stores, we see no necessity to put a lot of them onto the ecommerce and vice versa,” he said. “So basically, I would view the fact that ecommerce is growing less than stores as a good sign of the health of the store channel, which is obviously by far the most important for us.”

LVMH is No. 3 in the Europe Database.

O’Reilly Automotive, Inc. (No. 137)

Q1 2024 earnings: O’Reilly announced that sales grew 7% to $3.98 billion in the first quarter ended March 31. Same-store sales also increased 3.4%, on top of a 10.8% increase in Q1 2023, the retailer said. O’Reilly said the state of the economy plays to its advantage.

“In situations of heightened economic pressures, we believe consumers will continue to prioritize investing to maintain their vehicles, particularly given the significant cost and monthly payment burden of a new or replacement vehicle,” CEO Brad Beckham told investors. “We believe the composition of our sales results support this view of the consumer in the current environment.”

Procter & Gamble Co. (No. 512)

Q3 2024 earnings: Procter & Gamble reported net sales increased 1% to $20.2 billion in its fiscal third quarter ended March 31. The business attributed sales growth across beauty, grooming, home care and baby care segments to pricing increases.

“We expect the environment around us to continue to be volatile and challenging, from input costs to currencies to consumer, retailer and geopolitical dynamics,” chief financial officer Andre Schulten told investors in an earnings call.

Peloton Interactive, Inc. (No. 49)

Q3 2024 earnings: Peloton announced that CEO and president Barry McCarthy would step down, effective immediately. While the company looks for a new CEO, board members Karen Boone and Bruzzo will serve as co-interim CEOs. Peloton revenue declined 3% in its fiscal quarter ended March 31, to $717.7 million. The retailer introduced a cost-reduction plan intended to save $200 million in expenses per year.

Target Corp. (No. 5)

Q4 2023 results: Target revenue grew 1.7% to $31.92 billion in its fiscal fourth quarter ended Feb. 3. Online sales declined 0.7%.

Walmart (No. 2)

Q4 2024 results: Walmart said U.S. online sales grew 17% for its fiscal 2024 fourth quarter ended Jan. 31. Its global ecommerce sales grew 23% over the same period, while international ecommerce increased 44%.

Wayfair Inc. (No. 10)

Q1 2024 earnings: Wayfair Inc. reported earnings results from its fiscal first quarter ended March 31. Wayfair total net revenue in Q1 declined 1.6% to $2.7 billion.

Ecommerce earnings calendar

Here’s when other ecommerce earnings are scheduled to report this quarter:

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Ecommerce earnings recap: What you missed from Tapestry, Revolve and more

Retailers in North America reported ecommerce earnings results, with consumers turning to secondhand sellers for deals.