Revolve Group’s full-year net income plunged by more than half amid lower sales due to a decline in discretionary spending.

The fashion retailer’s net income dipped 52 per cent to $28.1 million as net sales slid 3 per cent to $1.07 billion. 

Revolve segment’s net sales declined 2 per cent to $904.5 million while its FWRD business segment’s net sales fell 9 per cent to $164.2 million.

The group’s net sales decreased 5 per cent to $870.4 million domestically and rose 6 per cent to $198.3 million.

Meanwhile, the gross margin stood at 51.9 per cent as the average order value fell 2 per cent to $297.

The number of active customers, however, increased 9 per cent to 2.5 million while total orders placed rose 5 per cent to 8.7 million.

For this year, the company forecasts gross margin to range between 52.5 per cent and 53.0 per cent.