Yahoo Finance FIGS Exceeds Adjusted EBITDA Margin Guidelines in First Quarter
By Karen Roman
FIGS, Inc. (NYSE: FIGS), a global healthcare apparel brand, said net revenue was at the upper end of expectations and exceeded the outlook in the first quarter.
The company reported a 0.8% decrease year over year in net revenue to reach $119.3 million, due to lower orders despite a rise in average order value. Gross margin declined to 68.9% caused by changes in product mix, while operating expenses declined 0.8% to $81.7 million, it said.
Net income was $1.4 million, a decrease of $0.5 million year over year, the company said. Net income margin decreased from 1.6% to 1.2% compared to the same period last year. Adjusted EBITDA declined $3.1 million year over year to reach $13 million, leading to a lower adjusted EBITDA margin of 10.9% compared to 13.4% in the previous year, it stated.
“We saw improved momentum in our business, particularly in repeat frequency trends, toward the end of the first quarter and into the second,” said Trina Spear, FIGS CEO and Co-Founder. “This recent performance reflects strong engagement with our new product innovation and powerful storytelling campaigns as we returned to our roots.”
The company’s active customers rose 8.7% year over year to reach 2.6 million as of March 31, and net revenue per active customer decreased 2.8% year over year to $210, FIGS reported.
Contact:
Exec Edge
Editor@executives-edge.com
