Secondhand attire retailer Poshmark forecasts holiday-quarter income beneath estimates, Retail Information, ET Retail

Secondhand apparel retailer Poshmark forecasts holiday-quarter revenue below estimatesPoshmark Inc forecast holiday-quarter income beneath estimates on Tuesday, as the corporate battles growing competitors within the booming secondhand attire house. With conventional retailers dealing with a scarcity of latest clothes at shops, competitors to draw customers has been intensifying amongst resale platforms equivalent to Poshmark, ThredUp Inc and ReaReal, which were comparatively insulated from provide chain points.

Poshmark rival ThredUp on Monday forecast fourth-quarter income above estimates and mentioned it was reducing costs to draw prospects at a time conventional clothes retailers have been growing charges to counter surging prices and provide bottlenecks.

Poshmark, which depends on social media advertising and marketing to attract in consumers, has additionally warned that it could be harm by Apple Inc’s new privateness controls, which makes it more durable for third-play apps to trace iPhone customers with out their consent.

The corporate forecast fourth-quarter income of $80 million to $82 million, in contrast with analysts’ estimates of $85.2 million, based on IBES information from Refinitiv.

Poshmark mentioned income rose 16% to $79.7 million within the third quarter ended Sept. 30, lacking analysts’ common estimate of $82.7 million.

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