The RealReal Provides Business Update
June 02 2021 - 6:00PM
The RealReal (Nasdaq: REAL)—the world’s largest online marketplace
for authenticated, resale luxury goods—today provided a business
update in advance of its participation at the 41st Annual Piper
Sandler Consumer Marketplace Conference. Gross merchandise volume
(GMV) quarter to date through May 31, 2021, was approximately $239
million, an increase of 106% Y/Y and 53% compared to the same
period in 2019. In addition, average order value (AOV) quarter to
date through May 31, 2021, was approximately $520, an increase of
26% Y/Y and 13% compared to the same period in 2019.
“Our GMV growth rate quarter to date reflects the strong
momentum we are experiencing coming out of COVID, highlighted by
accelerating growth year over year versus the equivalent period in
2019. Encouraging early results in our neighborhood stores, growing
contributions from a return to in-home consignments and strong
resale market trends are all contributing to our performance. As we
build on our recent momentum, we remain laser focused on driving
scale and operating efficiency gains as we march toward
profitability,” said Julie Wainwright, founder and CEO of The
RealReal.
The COVID-19 pandemic continues to change consumer and business
behavior in ways that are difficult to predict. The company
believes that disclosing monthly GMV and AOV will provide
additional transparency regarding the effects of the COVID-19
pandemic on its business. Consistent with SEC guidance regarding
the impacts of the COVID-19 pandemic, the company intends to
provide monthly GMV and AOV through the end of 2021.
The following table represents GMV and AOV growth rates for
April 2021, May 2021 and Q2 2021 Quarter to Date through May 31, as
compared to 2020 and 2019:
|
2021 vs 2020 |
|
2021 vs 2019 |
|
April |
|
May |
|
Quarter todate |
|
April |
|
May |
|
Quarter todate |
GMV |
132% |
|
85% |
|
106% |
|
56% |
|
50% |
|
53% |
AOV |
28% |
|
25% |
|
26% |
|
10% |
|
15% |
|
13% |
|
|
|
|
|
|
|
|
|
|
|
|
The information in this press release will be discussed at the
41st Annual Piper Sandler Consumer Marketplace Conference webcast
on June 3, 2021, and reflects preliminary information available as
of this date. This webcast can be accessed on The RealReal’s
investor relations page of its website at
https://investor.therealreal.com/news-events/events. The RealReal
expects to release financial results for the second quarter ended
June 30, 2021, in early August.
About The RealReal, Inc. The RealReal is the
world’s largest online marketplace for authenticated, resale luxury
goods, with more than 20 million members. With a rigorous
authentication process overseen by experts, The RealReal provides a
safe and reliable platform for consumers to buy and sell their
luxury items. We have hundreds of in-house gemologists, horologists
and brand authenticators who inspect thousands of items each day.
As a sustainable company, we give new life to pieces by thousands
of brands across numerous categories—including women's and men's
fashion, fine jewelry and watches, art and home—in support of the
circular economy. We make selling effortless with free virtual
appointments, in-home pickup, drop-off and direct shipping. We do
all of the work for consignors, including authenticating, using AI
and machine learning to determine optimal pricing, photographing
and listing their items, as well as handling shipping and customer
service. At our 16 retail locations, including our 11 shoppable
stores, customers can sell, meet with our experts and receive free
valuations.
Investor Relations Contact:Paul BieberHead of
Investor Relations and Capital
Marketspaul.bieber@therealreal.com
Press Contact:Erin SantyHead of
Communicationspr@therealreal.com
Forward Looking StatementsThis press release
contains forward-looking statements relating to, among other
things, the future performance of The RealReal that are based on
the company's current expectations, forecasts and assumptions and
involve risks and uncertainties. In some cases, you can identify
forward-looking statements by terminology such as “may,” “will,”
“should,” “could,” “expect,” “plan,” anticipate,” “believe,”
“estimate,” “predict,” “intend,” “potential,” “continue,” “ongoing”
or the negative of these terms or other comparable terminology.
These statements include, but are not limited to, statements about
future operating results, including the amounts of our operating
expense and capital expenditure reductions and our strategies,
plans, commitments, objectives and goals, in particular in the
context of the impacts of the COVID-19 pandemic and the recent
social unrest. Actual results could differ materially from those
predicted or implied and reported results should not be considered
as an indication of future performance. Other factors that could
cause or contribute to such differences include, but are not
limited to, the impact of the COVID-19 pandemic on our operations,
any failure to generate a supply of consigned goods, pricing
pressure on the consignment market resulting from discounting in
the market for new goods, failure to efficiently and effectively
operate our merchandising and fulfillment operations and other
reasons.
More information about factors that could affect the company's
operating results is included under the captions “Risk Factors” and
“Management's Discussion and Analysis of Financial Condition and
Results of Operations” in the company's most recent Annual Report
on Form 10-K and subsequent quarterly reports on Form 10-Q, copies
of which may be obtained by visiting the company's Investor
Relations website at https://investor.therealreal.com or the SEC's
website at www.sec.gov. Undue reliance should not be placed on the
forward-looking statements in this press release, which are based
on information available to the company on the date hereof. The
company assumes no obligation to update such statements.
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