Reformation Inc. forecast full-year 2026 net revenue of $602 million to $606 million, representing roughly 18.6% to 19.5% growth, on its first earnings call as a public company. The retailer said it expects to open 9 to 10 stores in the second half, for a total of 15 to 16 openings in 2026 including the reopening of its Palisades store, bringing year-end store count to 79 to 80 from 70 at the end of the second quarter. For fiscal 2026, Reformation guided to an adjusted EBITDA margin of 14% to 14.2% and capital expenditures of approximately $23 million to $27 million, or roughly 4% of sales, primarily for new store openings. In the second quarter, net revenue rose 24.1% to $155.2 million, with direct-to-consumer revenue up 21.2% to $135.3 million and wholesale and other revenue up 48.7% to $19.9 million; gross margin was 66.7% versus 64.4% a year earlier, and net income grew to $12.4 million from $6.9 million. Chief Financial Officer Joshua Moore said third-quarter net revenue is currently expected to be higher than the fourth quarter, and flagged elevated costs ahead from share-based compensation, public-company expenses and shipping fuel surcharges.
Reformation Inc.Reformation guided FY2026 revenue to $602-606M (~19% growth) and 14-14.2% adjusted EBITDA margin on its first earnings call, with Q2 net income up to $12.4M from $6.9M.