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REVOLVE Revolve Group Announces First Quarter 2021 Financial Results Los Angeles , CA - May 6 , 2021 - Revolve Group , Inc. ( NYSE : RVLV ) , the next - generation fashion retailer for Millennial and Generation Z consumers , today announced financial results for the first quarter ended March 31 , 2021 . " We delivered record quarterly net sales in the first quarter of 2021 , highlighted by growth of 22 % year - over - year and 30 % over the first quarter of 2019 , with meaningful acceleration in growth during March , " said co - founder and co - CEO Mike Karanikolas . " We also delivered record net income of $ 22 million , or $ 0.30 per diluted share , and $ 33 million in cash flow generated from operating activities , a more than 400 % and 300 % increase over the prior year , respectively . Our exceptional results for the first quarter reinforce our belief that REVOLVE is uniquely positioned for the reopening of economies and the post - COVID world as a brand consumers associate with living an active social lifestyle . We are excited to re - accelerate our investment in the business to support our next phase of growth . " " Particularly exciting is that the strong recovery in March came from a return to growth in styles associated with social outings , such as dresses , as well as continued strong growth in at home related products , including beauty , intimates and activewear that have grown rapidly throughout the pandemic , " said co - founder and co - CEO Michael Mente . " Driven by our powerful brand , our proprietary technology , and our data driven merchandising , our results demonstrate great progress against our goal of developing a deeper relationship with our customer and capturing a larger share of her wallet over time . " First Quarter 2021 Financial Summary Three Months Ended March 31 , 2021 2020 ( in thousands ) YoY Change 2019 ( 1 ) Net sales $ 178,907 $ 146,075 22 % Gross profit $ 96,665 $ 70,950 36 % $ 137,343 $ 70,754 Gross margin 54.0 % 48.6 % 51.5 % Net income $ 22,252 $ 4,156 435 % $ 4,962 Adjusted EBITDA ( non - GAAP financial measure ) $ 23,340 $ 5,609 316 % $ 8,549 Net cash provided by operating activities $ 33,209 $ 8,081 311 % $ 15,924 Free cash flow ( non - GAAP financial measure ) $ 32,473 $ 7,530 331 % $ 10,937 Operational Metrics Active customers ( trailing 12 months ) Orders placed Average order value 2021 2020 Three Months Ended March 31 , YoY Change ( in thousands , except average order value ) 1,477 1,282 1,528 1,172 ( 3 % ) 9 % $ 256 $ 259 ( 1 % ) 2019 ( 1 ) 1,262 1,135 $ 259 ( 1 ) Because the COVID - 19 pandemic had a materially negative impact on our results in the first quarter of 2020 , we are also providing results for the first quarter of 2019 as supplemental information that may provide a useful reference point for investors .