Reformation Raises FY2026 Outlook on Strong Q3 Growth

Reformation reported Q3 revenue growth of 19.1% and a 60.4% gross margin, raised its FY2026 revenue outlook, and opened seven stores. Lower tariffs, higher AUR and vendor refunds contributed; customer growth outpaced revenue per customer and inventory rose partly to support speed to market, while higher operating expenses and IPO-related items affected the GAAP result. Store productivity and sustained profitability remain key tests.