Revenues for the period surged 48 per cent to $179.3 million. Better yet, profits rose 168 per cent to $845,000. A significant improvement on the previous year’s loss of $1.2 million.
The e-tailer launched a new loyalty program – Adore Society – in March. A major incentive to active customers, whose numbers rose 39 per cent to 818,000 over the past year.
Adore Beauty also debuted 51 new brands and introduced native iOS and Android apps over the period.
According to CEO Tennealle O’Shannessy, Adore Beauty’s strong returning customer rates and growth in new customers provide strong momentum to drive continued growth in FY22 and beyond.
The company’s share price jumped on the good news, but dipped back to pre-announcement levels shortly afterwards.
Although revenue and customer growth is robust, the company’s net profit after tax needs to improve. Like all third party e-tailers and marketplaces dependent on the brands of other companies, Adore Beauty has to maintain strong levels of growth to generate more profits and increase margins.