Shares of Poshmark Inc. fell more than 12% in after-hours trading Wednesday despite a narrower-than-expected quarterly loss and a 42% sales rise for the secondhand fashion retailer.
Poshmark $(POSH)$ said it lost $20.7 million, or $1.19 a share, in the first quarter, compared with a loss of $11.2 million in the first quarter of 2020. Adjusted for one-time items, Poshmark lost 33 cents a share.
Sales rose 42% to $81 million, the company said.
Analysts polled by FactSet expected Poshmark to report an adjusted loss of 37 cents a share on sales of $77 million.
Poshmark founder and Chief Executive Manish Chandra said the company had a "great quarter" despite headwinds from severe weather and the ongoing COVID-19 pandemic.
"We are optimistic that as consumers begin to leave their homes and engage in social activities once again, there will be pent-up demand for apparel, which could drive more frequent and a wider range of apparel and accessory purchases, benefiting our marketplace," Chandra said.
Poshmark guided for second-quarter revenue between $79 million and $81 million, and adjusted EBITDA between $1.5 million and $2.5 million. The analysts surveyed by FactSet expect second-quarter revenue around $81 million.
The stock ended the regular trading day down 0.6%. The company became public in January, in part of a wave of IPOs by digital retailers.
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