FIGS Second Quarter Net Revenue Climbs 13%
By Daniella Parra
FIGS, Inc. (NYSE: FIGS), the lifestyle brand dedicated to the healthcare community, said second quarter net revenue rose 13% to $138.1 million, driven by increases in orders and average order value.
Active customers increased 21% to 2.5 million and AOV was $115, up 5.5% year over year in part due to an increase in units per transaction, the company said in a statement.
FIGS said gross margin was 69.5%, a decrease of 110 basis points year over year, primarily due to product mix shift, higher duties and an increased mix of promotional sales.
“We see ample room to advance our market leadership position in the U.S. and we are highly encouraged by the growth opportunities within our international and TEAMS businesses, as well as retail, where we are just getting started,” said CEO Trina Spear. “We believe that our solutions-based product innovation and brand authenticity combined with our scale and strong balance sheet, position us to execute these multiple growth levers and deliver long term profitable growth.”
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