Adore Beauty (ASX:ABY) up 47% in revenue for Q3 FY21

Company News

by Melissa Darmawan

Online beauty retailer Adore Beauty (ASX:ABY) reports a 47 per cent rise in revenue to $39.4 million in the March quarter for Q3 FY21 when compared to the prior corresponding period. Their active customers at the end of the quarter climbed 69 per cent to 687,000. The company attributes its performance due to their strong retention and re-engagement rates for new customers acquired during the pandemic.

This follows from the company’s half year report results in February where their revenue rose by 85 per cent to $96.2 million where their active customers grew by 82 per cent to 777,000.

Adore also launched their beauty loyalty program in March, with sign-ups ahead of expectations.

The company has reaffirmed its FY21 revenue guidance growth in the range of 43-47 per cent compared to pre-COVID revenue growth of 38.6 per cent in FY19.

Chief executive Tennealle O’Shannessy said “the business is making strong progress on our strategy to leverage our online market leadership to further capture market share in a large and growing market. We continue to make disciplined investments in our mobile app, loyalty program, content capabilities, range and adjacency expansion opportunities and private label development. We look forward to updating investors further at our inaugural full year result presentation in August”.

Shares in Adore Beauty (ASX:ABY) are trading 15.94 per cent lower at 3.85.

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