By Karen Roman
Reformation Inc. (NYSE: REF) said third quarter net revenue increased 19.1% to $173.6 million compared to the year prior thanks to strength across channels and geographies, with DTC net revenues rising 16.7% to $152.8 million.
Gross margin expanded 252 basis points to 60.4%, and net loss was $(1.1) million or $(0.02) per share, the company stated.
Adjusted EBITDA rose 64.2% to $23.1 million and adjusted EBITDA margin expanded 366 bps to 13.3%, it added.
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“Our strong Q3 results, marking our 22nd consecutive quarter of double-digit revenue growth, reflect the durability of our business and momentum across our strategic growth pillars,” said Hali Borenstein, Reformation’s CEO. “The combination of our powerful brand, differentiated operating model, and significant white space ahead positions Reformation to continue to deliver double-digit growth in a large global market. We’re proud of our accomplishments this quarter and remain focused on delivering against our long-term objectives to drive sustainable profitability and shareholder value.”
