RERE - ATRenew Reports Unaudited Q4 and FY 2023 Financial Results and $20 M Share Repurchase Program

2024-03-12 09:29:23 ET

DENVER, Colo., Mar 12, 2024 ( 247marketnews.com )- ATRenew Inc. (NYSE: RERE ) stated, this morning, that its board of directors authorized a share repurchase program for up to $20 million of its shares over the next twelve months.

RERE is trading at $1.49, up $0.32 (+27.35%), on 7.6M shares.

ATRenew also reported, in a separate announcement, its unaudited fourth quarter and full year 2023 financial results.

Kerry Xuefeng Chen, Founder, Chairman, and Chief Executive Officer of ATRenew, commented, “We are delighted to report another quarter of record total net revenues, which exceeded the high-end of our fourth-quarter guidance. Our total revenue in 2023 increased by over 30% year-over-year to reach RMB13.0 billion. Our operational efficiency continued to enhance and led to a historical high in adjusted income from operations. This success came as we built premium user experience and trust, diligently developed trade-in solutions with e-commerce retailers and consumer electronics manufacturers, and as our innovative multi-category recycling services and refined pricing mechanisms won over more users. Looking into 2024, we have unflinching confidence in our core strategies, operational tactics, and the resilience of the circular economy.”

Rex Chen, Chief Financial Officer of ATRenew, added, “In 2023, our adjusted income from operations totaled RMB251.7 million, driven by a balance between solid topline growth and effective cost controls. This year, we will continue to prioritize strengthening our capability and efficiency of the supply chain as we enhance our industry-leading position by disciplined investments in service quality upgrades, customer mindshare acquisition, and attractive recycling pricing. Today, we are pleased to announce a new share repurchase program, re-iterating our steadfast commitment to enhancing shareholder value.”

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