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The largest site for the resale of authenticated and consigned luxury goods, announces today its results for the first quarter of the year 2020, ending March 31, as well as the implementation of exceptional measures to deal with the Covid-19 crisis.
The Realreal announces at the close of its first quarter 2020, a net loss of approximately $38 million and a gross merchandise volume of $258 million, an increase of 15% over the previous year.
“We have taken decisive action to reduce operating expenses and maximize cash. With these measures and approximately USD 303 million of cash and short-term investments on the balance sheet at the end of March, we believe we are well positioned to rebound strongly and fuel growth once the economy stabilizes, and we believe we are sufficiently capitalized to achieve profitability,” said Matt Guskte, chief financial officer of The Realreal.
The company has recently implemented a number of measures to realign its cost structure and reduce expenses by approximately $70 million. The goal is to preserve cash and position the company for the long term.
As a result, The Realreal has reduced its marketing investments, frozen hiring, reduced management salaries and reduced annual payroll expenses. As a result, approximately 10% of its workforce was made redundant, for a total of 235 people, while 15% of them were affected by taking holidays.
These measures are designed to enable the company to ensure a significant resumption of activity after the health crisis.
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Featured Photo : © The Realreal[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
The largest site for the resale of authenticated and consigned luxury goods, announces today its results for the first quarter of the year 2020, ending March 31, as well as the implementation of exceptional measures to deal with the Covid-19 crisis.
The Realreal announces at the close of its first quarter 2020, a net loss of approximately $38 million and a gross merchandise volume of $258 million, an increase of 15% over the previous year.[/vc_column_text][vc_cta h2=”This article is for subscribers only.” h2_font_container=”font_size:16″ h2_use_theme_fonts=”yes” h4=”Subscribe now!” h4_font_container=”font_size:32|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE!” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true”]Unlimited access to all the articles and live a new reading experience, preview contents, exclusive newsletters…
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[/vc_cta][vc_column_text]Featured Photo : © The Realreal[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”people-in-the-roles” njt-role-user-roles=”customer”][vc_column][vc_column_text]
The largest site for the resale of authenticated and consigned luxury goods, announces today its results for the first quarter of the year 2020, ending March 31, as well as the implementation of exceptional measures to deal with the Covid-19 crisis.
The Realreal announces at the close of its first quarter 2020, a net loss of approximately $38 million and a gross merchandise volume of $258 million, an increase of 15% over the previous year.[/vc_column_text][vc_cta h2=”This article is for subscribers only.” h2_font_container=”font_size:16″ h2_use_theme_fonts=”yes” h4=”Subscribe now!” h4_font_container=”font_size:32|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE!” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true”]Unlimited access to all the articles and live a new reading experience, preview contents, exclusive newsletters…
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[/vc_cta][vc_column_text]Featured Photo : © The Realreal[/vc_column_text][/vc_column][/vc_row]
