The resale rocketship that is The RealReal Inc. continued to grab market share in the third quarter — but has yet to transfer the momentum it sees in sales to the bottom line.
The company’s net losses expanded fractionally to $25.3 million, or 30 cents a share, for the quarter, in line with what analysts projected.
Revenues for the three months ended Sept. 30 shot up 55.3 percent to $80.5 million, above the $75.9 million Wall Street expected. The gross merchandise volume represented in those revenues rose 48 percent to $252.8 million.
Julie Wainwright, chief executive officer and founder, described the third quarter as “very strong” and noted that the company saw accelerating revenue growth and “increased leverage in marketing as well as operations and technology.”
She said the increase in traction “speaks to several unique aspects of our model, including high buyer repeat rates and our flywheel where buyers become consignors and consignors become buyers.”
On a conference call with analysts, she added that the company was making progress on its “march toward profitability.”
As sales and users grow, the company is working to keep its expenses in check and Wainwright pointed to the increasing use of automation to help the platform set prices, produce
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