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RealReal (NASDAQ:REAL) broke higher in afternoon trading on Monday after Scion Asset Management disclosed a new position of just over 684K shares as of March 31.
RealReal was one of just 21 stocks held by Michael Burry's firm at the end of Q1.
Shares of RealReal (REAL) were up 16.95% as of 1:01 p.m. to $1.31 vs. the 52-week trading range of $1.00 to $4.07. Volume was above normal activity at over 5.5M shares.
With its Q1 earnings report posted on May 9, RealReal (REAL) reported revenue fell 3.3% during the quarter to $141.9M. Consignment revenue grew 22%, and direct revenue declined 49% year-over-year. GMV increased 4% to $44M, with average order value up 2% to $499 and total orders up 1%. GMV from repeat buyers was 86% vs. 85% a year ago. The online retailer noted that it made progress on minimizing lower-value consigned items. As a result of those actions, REAL saw its gross margin expand in the quarter, as well as seeing a higher take rate, more gross profit dollars, and improved profitability. Adjusted EBITDA for Q1 was -$27.3M vs. -$35.3M a year ago and improved to -19.2% of sales vs. -24.1% of sales last year. Looking ahead, REAL guided for Q2 revenue of $125M to $135M vs. $154.5M consensus and full-year revenue of $535M to $565M vs. $629M consensus.