RTTNews | Feb 25, 2021 09:55AM EST

09:54 Thursday, February 25, 2021 (RTTNews.com) - Shares of fashion retailer Revolve Group, Inc. (RVLV) are surging more than 25% Thursday morning on better-than-expected fourth-quarter results.

Net income in the fourth quarter increased to $18.96 million or $0.26 per share compared with $8.41 million or $0.12 per share in the comparable quarter last year. On average 18 analysts expected the company to report earnings of $0.11 per share.

Net sales dropped to $140.75 million from $147.56 million in the same quarter a year ago, but came in better than the consensus estimate of $135.28 million.

"With our cash position more than doubling during 2020 and a clean inventory position as we enter 2021, we are focused on capitalizing on the exciting opportunities ahead," said co-founder and co-CEO Mike Karanikolas.

RVLV touched a new high of $50.82, before declining to trade at $46.12 currently.

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