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ThredUp Inc. reports developments across its online resale marketplace for apparel, shoes and accessories. Company news commonly centers on quarterly results, gross margin, active buyers, orders and cash balances, along with updates to full-year financial outlooks. Its operating model includes a managed marketplace supported by processing infrastructure, proprietary software, systems and data science.
Updates also cover Resale-as-a-Service, the company’s platform for brands and retailers offering resale experiences, and the Universal Recommerce Layer. ThredUp also publishes resale market research and announces governance changes tied to board and audit committee oversight.
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ThredUp Inc. (Nasdaq: TDUP), a leading online resale platform, announced the upcoming release of its financial results for Q1 2023, set for May 9, 2023, after U.S. markets close. A conference call and live webcast will follow at 1:30 p.m. PT / 4:30 p.m. ET. ThredUp focuses on secondhand apparel, shoes, and accessories, having processed over 137 million unique items from 55,000 brands. The company aims to promote sustainable fashion by enabling easy buying and selling of secondhand goods. It operates a proprietary platform supporting a managed marketplace and Resale-as-a-Service for brands, enhancing their resale capabilities. Investors can access earnings materials on ThredUp's investor relations website.
thredUP (NASDAQ: TDUP) has released its 2023 Resale Report, revealing that over 50% of U.S. consumers purchased secondhand apparel in 2022. The secondhand apparel market is projected to reach $70 billion in the U.S. by 2027, with online resale growing at an average of 21% annually. Key findings indicate that 63% of Gen Z and Millennials believe secondhand shopping can reduce their environmental impact. Additionally, the report highlights a significant rise in retailers adopting resale practices, with 88 brands launching dedicated resale programs in 2022. The report emphasizes the positive growth trajectory of the secondhand market amidst economic uncertainty.
ThredUp Inc. (TDUP) reported a fourth quarter revenue of $71.3 million, a 2% decline from the previous year. Gross profit dropped 7% year-over-year to $45.0 million, with a gross margin of 63.1%. Despite these declines, the full year's revenue rose 15% to $288.4 million, with gross profit increasing 8%. The company noted 1.7 million active buyers in Q4, down 2%, and total orders at 1.5 million, down 8%. For 2023, ThredUp expects revenue between $310 million to $320 million and aims for improved gross margins. The Resale-as-a-Service program now includes 42 brand clients, expanding its market presence.
ThredUp Inc. (Nasdaq: TDUP), a leading online resale platform for apparel, shoes, and accessories, announced participation in the Morgan Stanley Technology, Media and Telecom Conference on March 9, 2023, from 11:55 AM to 12:25 PM PST. CEO James Reinhart and CFO Sean Sobers will represent the company. The conference will be webcast live on thredUP’s investor website, with a replay available for 30 days post-event. ThredUP aims to transform resale by encouraging consumers to embrace secondhand shopping, offering premium and luxury brands at discounts of up to 90%. The company has processed over 137 million secondhand items from 55,000 brands, promoting sustainability in fashion.