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1stDibs posts 4% revenue growth in 2024

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Luxury online marketplace 1stDibs said net revenue increased 4% year-over-year reaching $88.3 million in 2024, on the back of a strong fourth quarter. 

1stDibs posts 4% revenue growth in 2024. – 1stDibs

For the fourth quarter ended December 31, 2024, the New York-based company said net revenue increased 9%, to $22.8 million. 

The company’s gross profit rose to $16.5 million, marking a 10% increase from the same period in 2023. Gross margin improved to 72.3%, up from 71.5% in the previous year’s fourth quarter.

However, the company recorded a GAAP net loss of $5.2 million, compared to a net loss of $2.9 million in the fourth quarter of 2023.

1stDibs reported an increase in the number of orders for Q4, jumping 7% year-over-year to 37,000. Active Buyers was approximately 64,000, an increase of 6% year-over-year.

For the year, the company reported a loss of $18.6 million, or $0.49 per share.

“2024 marked a turning point, highlighted by our highest GMV growth in three years in the fourth quarter,” said David Rosenblatt, 1stDibs chief executive officer.

“Market share gains and a return to revenue growth in 2024 despite a challenging market are clear signals that our strategy is working. We’re excited to continue driving progress in 2025.”

Tom Etergino, chief financial officer added, “We achieved significant progress in 2024, reducing operating expenses for the second consecutive year and delivering our strongest Adjusted EBITDA margins since becoming a public company. As we enter 2025, our focus remains on driving operating leverage and maintaining disciplined expense management.”

Looking ahead, 1stDibs projects gross merchandise value of $90 million to $96 million for the first quarter of 2025, with a guidance of net revenue between $21.7 million and $22.8 million and adjusted EBITDA down 12% to 8%.

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Galderma to discuss U.S. tariffs with retailers, sees “moving target”

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10 minutes ago

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March 6, 2025

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Reuters

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March 6, 2025

Swiss skincare company Galderma will talk to major American retailers about trade tariffs imposed by the U.S. government in order to manage their impact, CEO Flemming Ornskov said on Thursday.

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U.S. President Donald Trump this week slapped tariffs of 25% on Canada and Mexico, though his administration later said it would temporarily exempt automakers and consider other products.

“We will be talking to Walmart, Target, Amazon, and others to figure out how we’re going to react to this, also price-wise,” Ornskov told Reuters after Galderma posted a 9.3% sales increase for 2024 and net income of $231 million.

He described tariffs as “a bit of a moving target,” noting that their scope could still be altered.
Ornskov said his company had already taken “precautions on stock and other things” in the U.S. to mitigate the impact on Galderma, which has major production operations in Canada.

“Another way of compensating this would be just to drive more volume with your product,” he said.
Galderma’s net U.S. sales were flat in 2024 on the year and fell in the final quarter. Ornskov said there were specific factors behind that and was confident U.S. sales would grow in 2025.

Trump has also threatened to impose tariffs on Europe.

As most aesthetic companies produce in Europe, they and Galderma would be affected, Ornskov said.

Galderma’s results come almost a year after it listed on the Swiss stock exchange. Its share price has since doubled from its initial launch price, though the stock fell by as much as 9% on Thursday before paring losses.

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Victoria’s Secret Q4 sales stable on solid comps

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March 6, 2025

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Victoria’s Secret & Co. announced on Wednesday sales for the fourth quarter rose 1% to $2.106 billion, on the back of sold comparable sales growth during the quarter ending February 1.

Victoria’s Secret
The U.S. lingerie giant said comparable sales during the 13-week period increased 5%. As a result of the recovery in the fourth quarter, the Ohio-based firm reported sales of $6.230 billion for the fiscal year 2024, an increase of 1%. Total comparable sales for fiscal year 2024 were flat, the company added.

Net income for the year increased to $165 million, or $2.05 per diluted share, compared to net income of $109 million, or $1.39 per diluted in the prior-year period.

“I am pleased with the strength of our fourth quarter holiday results, which saw sales up in both our Victoria’s Secret and Pink brands and our powerhouse Beauty business. Sales increased across most major merchandise categories, in our stores and digital channels, and in both our North America and International businesses. We won in the big moments of the quarter and gained more than our fair share of the traffic in the mall and online. The teams focused on execution and drove healthy margins, controlled costs, and managed inventory levels extremely well in a highly competitive and promotional holiday environment,” said VS&Co CEO Hillary Super.

“During the holiday season we clearly connected emotionally with our customer through our merchandise offering of the accessible luxuries she loves. After my first holiday season with the business, I continue to be optimistic about our future, our opportunity to further differentiate the brands with compelling storytelling and make even deeper emotional connections with our customers.”

Looking ahead, the company is forecasting sales for the first quarter of 2025 to be in the range of $1.3 billion to $1.33 billion, compared to last year’s $1.359 billion, hurt by an uncertain ​macro environment and a shift in consumer confidence.

“As we look forward to 2025 and the future, we recognize there are near-term headwinds and ongoing uncertainty in the macro environment which we will manage aggressively while also working to build upon our solid foundation, realize the full potential of our brands and drive long-term, sustainable growth,” concluded Super.

This week, Victoria’s Secret said it has halted its promotion goal for Black workers and altered language on diversity, equity and inclusion, joining a slew of U.S. companies in shifting policy.

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Macy’s forecasts 2025 sales, profit below expectations as retailers battle soft demand

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2 hours ago

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March 6, 2025

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Reuters

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March 6, 2025

Macy’s forecast annual sales and profit below Wall Street’s expectations on Thursday, joining several U.S. retailers in signaling that shoppers were holding off buying apparel and accessories in the face of economic uncertainty.

Reuters

The department-store chain, which sources a significant portion of its self-branded goods from China, is also expected to take a hit as President Donald Trump‘s newly announced tariffs will likely place an additional burden on already tight American household budgets.

Retailers from Walmart to Target have also issued cautious forecasts for the year on concerns about a potential hike in product prices across categories including food, automobiles and electronics, which could deter consumers from buying these items.

Macy’s said it expects 2025 net sales between $21 billion and $21.4 billion, compared with the average analyst estimate of $21.81 billion, according to data compiled by LSEG.

The company sees annual adjusted profit per share between $2.05 and $2.25, compared to an estimate of $2.31 per share.

It is also resuming share buybacks under its remaining $1.4-billion share repurchase authorization.

Macy’s nameplate banner saw comparable sales fall 0.9% on an owned-plus-licensed basis in the fourth quarter.

CEO Tony Spring, who took over a year ago, has outlined a plan to turn the struggling department-store chain around by closing 150 Macy’s stores through 2026.

The company is betting on sales growth by opening more stores of its higher growth Bloomingdale’s and Bluemercury luxury divisions, which saw comparable sales on an owned basis rise 4.8% and 6.2%, respectively, in the reported quarter.

Macy’s fourth-quarter sales fell 4.3% to $7.77 billion, compared to analysts’ estimate of $7.87 billion.

It had said in January that it expected net sales to be at or slightly below the low end of its $7.8 billion to $8 billion forecast.

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