Inc. saw its net income for the first quarter fall to $17.5 million, almost half of its net income of $33.3 million a year earlier, amid inflationary headwinds and economic pressures on shoppers.
The company said its gross profit margin was lower due to higher product-related costs amid inflationary pressures, temporary warehousing costs related to inventory management, and other headwinds partially offset by lower expedited freight costs. The company saw its retail net revenue increase 13.8 per cent to $327.6 million, while e-commerce net revenue was up 12.5 per cent and made up more than 29 per cent of overall net revenue for the quarter.“Results continued to be fuelled by our business in the United States,” said CEO Jennifer Wong in the press release Tuesday.Net revenue from the U.S. was up 21.8 per cent, making up more than 54 per cent of overall net revenue.