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Reformation Continues Growth Streak With 19.1% Q3 Sales Gain

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Reformation Continues Growth Streak With 19.1% Q3 Sales Gain

CEO Hali Borenstein also raised the sales outlook for the year, based in part on early fourth-quarter selling.

Reformation might still be new to Wall Street — and investors are continuing to feel out the company to see if they can get comfortable with the apparel sector again — but Hali Borenstein is already getting the hang of being chief executive officer of a public firm.

For one, she’s getting over her own inclination to avoid any boastfulness.

“I get to tell our story more” since Reformation went public in July, Borenstein told WWD on Thursday. “I get to brag about the cool things our teams are doing every day, and that’s actually pretty fun. I’ve never had that before, and I’m so proud of our team and what they accomplish.”

This time, she’s bragging about a third-quarter revenue increase of 19.1 percent, to $173.6 million — the company’s 22nd straight quarter of double-digit growth and $3.9 million ahead of what analysts forecast, according to Yahoo Finance.

The tax impact of stock-based compensation after the IPO pushed Reformation to a loss of $1.1 million in the quarter ended Sept. 26. But adjusted earnings before interest, taxes, depreciation and amortization increased 64.2 percent to $23.1 million.

Reformation’s active customer file expanded by 23.4 percent to 1.25 million as it opened seven stores, ending the quarter with 77 doors. The brand also has a wholesale business, which grew 40.8 percent to $20.8 million.

“We’re really pleased with the business,” Borenstein said.



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