Lulu’s Fashion Lounge (LVLU) reported earnings on Tue 15 Nov 22 (a/h)

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Lulu's Fashion Lounge promotes CFO Crystal Landsem to become new CEO, effective March 6

• Co announces that CFO Crystal Landsem has been named CEO, effective March 6, 2023.
• David McCreight, currently CEO, will become Executive Chairman of the Board, also effective March 6, 2023.
• Co plans to announce its new CFO in early 2023.

Third Quarter 2022 Highlights:

Net revenue of $105.3 million, a 1.0% decrease compared to the same period last year, driven by a 1% decrease in Total Orders Placed with higher return rates offset by higher Average Order Value (“AOV”), net of promotions and discounts.

Active Customers of 3.2 million, a 29.2% increase compared to the same period last year.

AOV of $133, an increase of 6.4% compared to the same period last year.

Gross Margin decreased 560 basis points to 42.1% and gross profit decreased 12.7%, in each case compared to the same period last year.