Resale luxury marketplace The RealReal has lowered its net loss to US$31.1 million for the first quarter from $82.5 million last year. 

The company posted $144 million in revenue with gross merchandise value (GMV) increasing 2 per cent year on year to $452 million. Adjusted EBITDA loss reached $2.3 million, an improvement of $25 million year on year. 

“We continue to focus on the core consignment business and driving efficiencies to deliver results,” said John Koryl, CEO of The RealReal. “In the first quarter of 2024 we grew profitable consignment supply, which resulted in a return to overall top-line growth and an all-time high gross margin rate.”

The company expects next quarter’s revenue to be between $135 million and $145 million, with GMV ranging from $420 million to $450 million. As of May 7, the online platform has more than 36 million members. 

• Further reading, Richemont acquires Italian jewelry house Vhernier.