The following is a summary of the The RealReal, Inc. (REAL) Q1 2024 Earnings Call Transcript:

Financial Performance:

• The RealReal achieved top line growth for the first time in three quarters, mostly attributed to their core consignment business showing a double-digit growth.

• The company reported its highest ever gross margin rate, leading to improvements in the bottom line.

• The adjusted EBITDA for Q1 showed an improvement by $25 million year-over-year, while GMV and adjusted EBITDA exceeded the company's own guidance, with revenue realization at the higher end of the guidance.

Business Progress:

• The RealReal refined sales and marketing approaches to drive profitable supply and effectively targeted marketing spend.

• Actions are being taken for the expansion of their core business with more efficiencies being sought across various functions like sales, marketing, authentication, and operations.

• The company plans to invest in automation and AI to enhance client experiences and scale the business.

• The forecast for the full year adjusted EBITDA is increased with an aim of achieving a positive adjusted EBITDA for the full year 2024.

• The growth in consignment revenue and expanding margins indicate successful consignor experiences and provision of high-quality luxury goods.

• The company proposes to further build consumer trust, with special emphasis on aspects like price transparency and a full-service experience.

• A long term plan for the next three years is in the process of development and it is believed that potential volatility in the primary luxury goods market could benefit the company as high-end shoppers could possibly shift to their platform.

More details: TheRealReal IR

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