In today’s top retail news, Rite Aid posted rising revenues from continuing operations, while GOAT wrapped up a $195 million Series F funding round and achieved a of $3.7 billion valuation. Plus, a report indicates that the secondhand market is set to flourish.
Rite Aid’s Retail Pharmacy Business Drives Revenue Growth
Rite Aid reported that revenues from continuing operations increased by 2.2 percent to $6.16 billion. The company, which has over 2,500 retail pharmacy locations, said the rise in revenues for the three months concluding on May 29, 2021 was powered by growth in its retail pharmacy segment that was partially offset by a decline in its pharmacy services segment. As for its overall results, Rite Aid reported $138.9 million in Q1 earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations.
Sneaker eCommerce Platform GOAT Notches $195 Million
GOAT concluded a $195 million Series F funding round and attained a valuation of $3.7 billion with the round. The firm has evolved into the “the leading and most trusted sneaker marketplace in the world” since its 2015 founding, per an announcement. “GOAT’s growth is accelerating across every channel and category due to the powerful global technology platform we have developed and the premier customer experience we deliver, which resonates with younger consumers around the world,” GOAT Group Co-Founder and CEO Eddy Lu said an announcement
ThredUP’s Resale Market Projections Spell More Trouble For Department Stores
The secondhand market is poised to flourish, according to a report released by GlobalData and thredUP, with resale alone anticipated to grow 11 times quicker than the wider retail clothing industry over the next half of a decade. The $36 billion secondhand market is anticipated to reach $77 billion by 2025. About $47 billion of that is forecasted to be in resale. And one in three consumers indicate that they care about sustainability presently than they did pre-pandemic, ThredUP and GlobalData found.
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