“Under our reorganization plan, we are reducing our unit sales rate to focus on profitability by, among other things, reducing our operating costs and increasing our gross profit per unit,” the company said. on Monday of the quarterly filing.
Vroom said it reduced its selling, general and administrative expenses by $18.3 million from the quarter.
It also announced a restructuring of its logistics center network to align with reduced unit volume and its regional operating model. Vroom cut staff “in its own logistics group and customer support team” and closed one of its Houston offices, according to the filing.
Vroom shares rose 11 percent to $1.01 in Monday trading.
Income for the 3rd quarter: $340.8 million, down 62 percent from last year
E-commerce revenue for Q3: $225.4 million, down 68 percent.
Net loss for the 3rd quarter: $51.1 million, down from last year’s loss of $98.1 million
Sold cars for e-commerce in the 3rd quarter: 6,428, a decrease of 67 per cent
https://www.autonews.com/retail/vroom-q3-earnings-losses-reduced-revenue-falls
