The RealReal, Inc. (NASDAQ:REAL) Q1 2024 Earnings Call Transcript

Rati Levesque: Yes. Tom, same answer as before. We always see kind of puts and takes, like higher-end brands doing really well, like Hermes and [Grinnell] and Miu Miu right now has some strong momentum. And then you see some brands kind of losing a little less kind of market share. But I would say that, that is something that we always see, and we take that into consideration when we’re pricing items, depending on what’s happening. I think the kind of interesting thing for us or our advantage is that we are pretty diversified in our mix category, and brands that helps us there. And then we have that flexibility, right, in pricing. So yes, we are continuing to look the last time we saw a little more pressure, how it came out was around pricing. And the consumer being a little more cautious in their price target. And so, we’ll continue to watch that. But at this moment and in Q1, I haven’t seen that yet.

Tom Nikic: Understood. All right. Thanks, Rati. Thanks, Ajay. Thanks, Koryl. And best of luck the rest of the year.

John Koryl: Thank you.

Operator: Thank you, everyone. This will conclude our question-and-answer session. Now I’d like to turn it over to CEO, John Koryl, for closing remarks.

John Koryl: Thank you for joining us today. Before closing the call, we’d like to thank our entire team for delivering a strong start to 2024 to the RealReal team simply, thank you. Your relentless effort in delivering world-class service to our consignors and buyers is truly inspiring. We are playing to our strengths, and we are uniquely positioned to capitalize on the growing luxury resale space. We also want to thank our more than 36 million members, as they join us on our mission to extend the life of luxury, and make fashion more sustainable. Thank you all. Have a great day.

Operator: And thank you, everyone. Thank you for your participation in today’s conference call. This does conclude the program. You may now disconnect.