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Etsy exceeds Q4 and full year expectations, updates 2018 guidance

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today Mar 2, 2017
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Etsy ended its fiscal year very strong, exceeding its fourth quarter and full year guidance. Gross merchandise sales increased 16.7% to $865.2 million in the fourth quarter, driven by 11.8% year-over-year growth in active sellers and 18.8% year-over-year growth in active buyers. Mobile visits also contributed to the sales growth, which grew faster than desktop visits over multiple quarters.
 


"We exited 2016 with strong momentum," said Chad Dickerson, Etsy, Inc. CEO and Chairman. "We delivered fourth quarter and full year financial results that exceeded our guidance, introduced new products such as Google Shopping and launched our first-ever global brand campaign. We kicked off 2017 by unveiling Etsy Studio, a new global craft supplies market, and by revamping the seller experience with the launch of our new streamlined seller dashboard, Shop Manager. These announcements underscore our bold, ambitious efforts to support creative entrepreneurs and we believe they create new long-term growth opportunities for Etsy. We are very excited about our future."
 
Etsy Studio is the latest initiative from the company. The initiative will launch in April and join other programs such as the Etsy: Made in Canada marketplace where artisans can sell their handmade goods. Many designers and artisans have taken to Etsy to showcase and sell their products, and the company has recognized their efforts with the Etsy Awards. The Etsy Awards may be specific to Canada-based artisans, but it has not overlooked its growing community of sellers.

Fourth quarter revenue increased 25.4% to 110.2 million, markets revenue increased 17.9% to $46.9 million and seller services revenue increased 30.7% to $61.7 million, driven by revenue growth in Direct Checkout, Promoted Listings, Shipping Labels and Pattern by Etsy.
 
Gross profit for the quarter increased to $73.2 million and gross margin increased 80 basis points to 66.4%. Adjusted EBITDA increased to $15.3 million, and net loss expanded to $21.4 million from a net loss of $4.2 million in the prior year.
 
Fiscal year GMS increased 19.0% to $2.8 billion and revenue increased 33.4% to $365.0 million.
 
Etsy expects its GMS growth to range from 15% to 17% for fiscal 2017 and revenue growth to range from 20% to 22%. The company also updated its 2016-2018 CAGR guidance range of 23% to 25%.

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