Why Revolve Group Stock Soared to a 52-Week High Today

Shares of apparel retailer Revolve Group (NYSE: RVLV) soared on Wednesday after the company reported financial results for the third quarter of 2024. As of 1:15 p.m. ET, Revolve Group stock was up a strong 23% and hitting 52-week highs.Revolve runs a digital platform for apparel and footwear targeted at millennials and Gen Z customers. In Q3, the company's net sales grew by 10% to $283 million, which was ahead of some analysts' expectations. Moreover, net sales for the first month of the fourth quarter grew faster than in Q3, which is an encouraging trend.Revolve had given guidance for gross margin. And its Q3 gross margin of 51.2% came up short of management's guidance of 52.3% to 52.5%. Increased markdowns and higher shipping rates were listed among the culprits.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool