Redbubble more than doubles revenue, profit in first quarter
Online art and design retailer Redbubble saw substantial growth during the first quarter of FY21, with revenue and gross profit more than doubling.
According to the business’ unaudited figures, marketplace revenue shot up 116 per cent during the period to $147.5 million, while gross profit soared 149 per cent to $64.5 million. This growth led to an EBIT of $22.1 million, compared to a $1.5 million loss during the same period last year.
During the first quarter Redbubble had refocused on four key initiatives which were able to generate this growth: artist acquisition, user acquisition, growing customer loyalty, and expanding its network of physical products and fulfilment.
“The strategic priority for the group now is to ensure we extend the market leadership we have established,” Redbubble CEO Martin Hosking said.
“We intend to invest in the customer experience to improve loyalty and retention, and ensure long-term higher levels of growth. The company has the resources to undertake the anticipated investments and the margin structure to ensure it can do so while remaining profitable.”
And, according to the business, 2021 is a year of opportunity – with the business positioned to build its momentum and pursue the global opportunity presented by the shift to online shopping and an increasing adoption of e-commerce.