ThredUp Shares Drop 27% on Views for Low FY Revenue Growth Amid Business Transformation [MarketWatch]
ThredUp Inc. - Class A (TDUP)
Company Research
Source: MarketWatch
At 11:10 a.m. ET, shares were down 27% to $1.73. Advertisement The online thrift store said it expects to continue to see outsized growth in consignment and declines in product revenue throughout 2024. "While the transition of these businesses to consignment should be a tailwind to gross margins over time, we expect it to mute revenue growth simply due to the accounting treatment," Finance Chief Sean Sobers said on a call with analysts on Monday. In 2023, 66% of ThredUp's consolidated revenue came from consignment, and the company expects to see that percentage increase to about 80% in 2024. The Oakland, Calif.-based retailer's current efforts are set in Europe, where consignment revenue is expected to represent about 20% of its total topline performance this year. Overall for 2024, ThredUp forecasts revenue growth of up to 8.7% to a range of $340 million to $350 million. Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
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TDUP
Earnings
- 3/4/24 - Miss
TDUP
Sec Filings
- 4/24/24 - Form 4
- 4/24/24 - Form 4
- 4/24/24 - Form 4
- TDUP's page on the SEC website