New earnings results are out from retailers in Digital Commerce 360’s Top 1000 Database. The week included quarterly updates from Allbirds and Hims & Hers, along with Qurate Retail and The Walt Disney Company. Allbirds reported continuing struggles with a 26.8% decrease in revenue. Meanwhile, Hims & Hers saw overall revenue climb 51.8% year over year. Read more ecommerce earnings coverage here.
Parentheses indicate the merchant’s ranking in the Top 1000, unless otherwise stated. The database ranks North America’s largest ecommerce retailers by their annual web sales.
This week’s ecommerce earnings takeaways
- Allbirds said growth of its wholesale business outpaced its direct-to-consumer (DTC) sales, with overall revenue up 9% year over year.
- Hims & Hers ecommerce sales grew 52.5% year over year, hitting $306.8 million, it reported in earnings.
Allbirds, Inc. (No. 398)
Q2 2024 earnings: Allbirds, Inc. said net revenue decreased 26.8% year over year to $51.6 million in its second fiscal quarter that ended June 30. The footwear and apparel brand, which elevated former chief operating officer Joe Vernachio to CEO after its previous quarter’s results, highlights some areas of improvement, despite continuing headwinds.
“As we focus on reigniting our product and brand, we are encouraged by the strong consumer response to our recent new offerings,” Vernachio said. “This makes us confident that our fresh, updated products coming to market beginning next year will build on that momentum.”
CVS Health Corporation (No. 98)
Q2 2024 earnings: CVS Health Corporation lowered its full-year guidance after reporting a 2.6% increase in total revenue to $91.2 billion for its second fiscal quarter that ended June 30. The revised guidance came in response to what CVS described as continued pressure on its Health Care Benefits segment.
“Our integrated model and our strategy are enabling us to execute in a challenging environment, and we are delivering the value our customers demand,” said Karen S. Lynch, the president and CEO of CVC Health. “We are taking action today to ensure we make the most of our many opportunities, including leadership changes in the Health Care Benefits segment.”
Hims & Hers (No. 98)
Q2 2024 earnings: Him & Hers Health, Inc. recorded a 51.8% increase in total revenue to $315.6 million in its second fiscal quarter ended June 30. Most of that revenue was online, where ecommerce sales of $306.8 million were up 52.5%. In addition, the company’s net income reached $13.3 million for the period. It saw a net loss of $7.2 million a year earlier.
“During the quarter, subscribers on our platform approached 1.9 million, increasing 43% year over year,” said Andrew Dudum, co-founder and CEO of Hims & Hers.
Office Depot (No. 21)
Q2 2024 earnings: The ODP Corporation, which is the parent company of Office Depot, reported a year-over-year decline of 12% in Office Deport’s net sales, which totaled $799 million during its second fiscal quarter that ended June 29. ODP Corporation CEO Gerry Smith called the quarter’s results “unacceptable.”
Read more on Office Depot’s earnings results here.
Purple (No. 308)
Q2 2024 earnings: Purple Innovation, Inc. said its net sales increased 2% year over year to $120.3 million in its second fiscal quarter that ended June 30. The mattress brand also reported a reduced operating loss of $14.5 million compared with $40.3 million a year prior.
“Even as industry trends further deteriorated and impacted demand, we exceeded our adjusted EBITDA plan thanks to a number of operational improvements and cost-saving programs that drove a significant increase in gross margins on both a year-over-year and sequential basis,” said Purple CEO Rob DeMartini in the company’s earnings announcement. “As we look forward, we remain on track for a return to profitability in the second half of the year and are confident that our Path to Premium Sleep strategy will continue to gain traction in the marketplace, allowing us to take share and deliver value to our shareholders.”
Qurate Retail, Inc. (No. 18)
Q2 2024 earnings: Qurate Retail, Inc. recorded a year-over-year decrease in net sales of 9% to $2.4 billion in its second fiscal quarter that ended June 30. That increase was 5% when excluding revenue the previous year from Zulily, which Qurate divested from in May 2023. (Zulily later shut down the following December before being acquired by Beyond in March.)
David Rawlinson, president and CEO of Qurate Retail, said the company was operating in a “challenged macro environment.” Still, he touted expanded margins and a reduction in debt.
“We remain focused on enhancing our merchandise assortment, improving product margins and diligently managing costs,” he said. “We are also excited about the opportunity in better serving our core customer of women over 50 as part of the QVC Age of Possibility campaign we launched in April.”
Revolve Group, Inc. (No. 87)
Q2 2024 earnings: Revolve Group, Inc. reported a 3% increase in net sales of $282.5 million for its second fiscal quarter ended June 30. The company said it had 2,577,000 active customers at the end of June, up 5% from a year earlier.
Revolve co-founder and co-CEO Michael Mente praised his team’s work. The company’s other co-CEO, Mike Karanikolas, highlighted the online apparel retailer’s “first year-over-year decrease in our return rate in more than three years.”
“Beyond the numbers, we continue to make great progress on longer-term initiatives that we believe further reinforce our foundation for profitable growth in the years to come, including growing our active customer base, expanding our international presence, increasing our share of wallet through adjacent product categories, leveraging AI technology to even further elevate the customer experience, and exploring physical retail as a new way to connect with the next-generation consumer,” Mente said.
Shopify, Inc.
Q2 2024 earnings: Shopify, Inc. reported that it grew gross merchandise volume (GMV) 22% year over year to $67.2 billion in its second fiscal quarter ended June 30. During the same period, revenue also increased 21% to $2 billion.
Read more on Shopify’s earnings results here.
Under Armour, Inc. (No. 99)
Q1 2025 earnings: Under Armour, Inc. said its revenue fell 10% year over year to $1.2 billion in its first fiscal quarter of 2025 that ended June 30. The sportswear apparel brand saw gains in Latin America, where sales increased 16% from a year earlier. However, revenue in North America was down 14% to $709 million. Internationally, Under Armour revenue decreased 2% to $473 million in Q2.
“With the strongest product organization we’ve had in many years and strengthened brand leadership, we’re confident in our ability to elevate our design and innovation over the coming seasons and amplify our unique connection with athletes as their brand of choice,” said Kevin Plank, the president and CEO of Under Armour, who returned to the chief executive’s seat in April.
The Walt Disney Company (No. 92)
Q3 2024 earnings: The Walt Disney Company reported a net sales increase of 4% year over year to $23.2 billion in its third fiscal quarter that ended June 29. Disney CEO Bob Iger pointed to successes across Disney’s “creative studios, streaming, sports, and Experiences businesses” in discussing the results.
“This was a strong quarter for Disney, driven by excellent results in our Entertainment segment both at the box office and in DTC, as we achieved profitability across our combined DTC streaming businesses for the first time and a quarter ahead of our previous guidance,” Iger said in Disney’s earnings report.
Warby Parker, Inc. (No. 354)
Q3 2024 earnings: Warby Parker, Inc. said net sales increased 13.3% year over year to $22.1 million during its second fiscal quarter that ended June 30. The company opened 11 net new stores in Q2, bringing its physical presence to 256 stores in total.
“We’re proud of the progress we’re making on our core strategic initiatives to accelerate growth,” said Dave Gilboa, Warby Parker’s co-founder and co-CEO, in a released statement. “In Q2, we drove our fourth consecutive quarter of active customer growth and our highest ecommerce growth since Q1‘21.”
Other recent ecommerce earnings results
Adidas AG (No. 2o in Europe Database)
Q2 2024 earnings: Adidas reported preliminary results for its second quarter ended June 30. Revenue grew 9% year over year to 5.8 billion euros. The sportswear brand’s wholesale business grew 17% in the quarter from the same period a year ago, with direct-to-consumer (DTC) revenue up 4%.
“Q2 was another quarter confirming that we are improving and on the way of again becoming a good and healthy company,” Adidas CEO Bjørn Gulden stated. “The consumers are reacting positively to both our marketing and to our product launches. We see improved sentiment for the Adidas brand globally and we continue to see improved sell-out numbers, both for lifestyle and performance products.”
Alibaba Group Holding Limited
Q4 2024: Alibaba said it grew revenue 7% year over year in its fiscal fourth quarter ended March 31, 2024. Meanwhile, net income decreased 96% compared to the prior Q4.
Alibaba owns the world’s two largest online marketplaces by gross merchandise value (GMV), Taobao and Tmall. Taobao ranks No. 1 in the Global Online Marketplaces Database, Digital Commerce 360’s ranking of the largest such marketplaces by third-party GMV. Tmall ranks No. 2. Both operate in China.
Read more on Alibaba’s earnings here.
Amazon.com Inc. (No. 1)
Q2 2024 earnings: Amazon net sales increased 10% year over year to $148.0 billion during its second fiscal quarter, which ended June 30.
It ranks No. 1 in the Top 1000, Digital Commerce 360’s ranking of the largest North American online retailers. Amazon is also No. 3 in Digital Commerce 360’s Global Online Marketplaces Database, which ranks the 100 largest such marketplaces by third-party gross merchandise value (GMV).
Read more on Amazon’s earnings results here.
Beyond Inc. (No. 62)
Q2 2024 earnings: Beyond reported that net revenue was down 5.7% year over year to $521.7 million in its second fiscal quarter, which ended June 30.
Read more on Beyond’s earnings results here.
Carvana Co.
Q2 2024 earnings: Carvana Co. shared that revenue for its second fiscal quarter ended June 30 was up 14.9% year over year, reaching $3.41 billion. The auto sales platform also recorded net income of $48 million, up from a $105 million loss one year ago.
“For the second consecutive quarter, we generated positive net income and we set new company records for adjusted EBITDA, adjusted EBITDA margin and GAAP operating income,” said Mark Jenkins, chief financial officer at Carvana, during its earnings call. “For the first time, quarterly adjusted EBITDA margin approached the midpoint of our long-term financial model EBITDA margin range of 8% to 13.5%, and we see meaningful opportunities for fundamental gains to drive towards the higher end of that range over time.”
The Home Depot Inc. (No. 4)
Q1 2024: Home Depot reported that sales declined 2.3% in its fiscal first quarter of 2024 ended April 28 due to challenges in the broader economy. B2B and Pro sales were equally impacted, while online sales grew.
Procter & Gamble Company (No. 511)
Q4 and FY 2024 earnings: Procter & Gamble announced that net sales for its fiscal year ended June 30 were up 2.0% year over year, reaching $84.0 billion. Meanwhile, net sales for its fourth quarter were flat from the same quarter a year earlier at $20.5 billion.
“Ecommerce sales increased 9%, now representing 18% of the total company,” said Andre Schulten, chief financial officer at P&G, during its quarterly earnings call.
Schulten noted that organic sales increased across eight of P&G’s 10 business units, with skin and personal care and baby care down by low single-digit percentages.
Steven Madden Ltd. (No. 241)
Q2 2024 earnings: Steven Madden said net sales grew 17.8% from the same period last year to $398 million in its second fiscal quarter, which ended June 29. However, the company’s loss of $42.6 million for the quarter was smaller than its $73.5 million loss one year ago.
“We delivered strong results in the second quarter, with revenue increasing 18% and adjusted diluted EPS rising 23% compared to the same period in 2023,” said Edward Rosenfeld, chairman and chief executive officer at Steven Madden. “This performance was driven by exceptional growth in the accessories and apparel categories and robust gains in international markets and direct-to-consumer channels, demonstrating our team’s strong execution of our key strategic initiatives.”
Though Rosenfeld referred to the “near-term operating environment” as “choppy,” he said the company remains “confident that our core strengths – our brands, business model and people – will enable us to drive sustainable revenue and earnings growth over the long term.”
During the footwear brand’s earnings call on July 31, Rosenfeld called “expanding our direct-to-consumer business” one of the key drivers for Steve Madden’s business, with digital leading the way.
“DTC revenue grew 6% in the second quarter, including a 4% increase on a comp basis, and we remain on track to achieve our plan of high single-digit growth in DTC for the year,” Rosenfeld stated.
Target Corp. (No. 5)
Q 1 2024: Target reported that total revenue declined 3.1%. That’s down to $24.5 billion in the first quarter of its fiscal 2024 ended May 4. However, online sales did increase slightly. Declines in discretionary categories were partially offset by continuing growth in the beauty category.
Read more on Target’s earnings results here.
Walmart Inc. (No. 2)
Q1 2025: Walmart grew U.S. online sales 22% for its fiscal 2025 first quarter ended April 30, 2024. Consolidated revenue grew 6.0% to $161.5 billion in Q1.
Read more on Walmart’s earnings here.
Ecommerce earnings calendar
Here’s when other ecommerce earnings are scheduled to report this quarter:
- The Home Depot: Aug. 13
- Lulu’s Fashion Lounge: Aug. 14
- Walmart: Aug. 15
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