AKA Brands’ sales dragged by weaker ANZ performance

AKA Brands saw its annual sales dragged down by weaker performances in its Australia and New Zealand businesses.

The fashion retailer’s net sales fell 10.7 per cent to $885.0 million as ANZ sales declined 24.6 per cent to $328.4 million.

While US sales increased 0.8 per cent to $511.0 million, rest of the world sales dipped 6.4 per cent to $45.3 million.

The group’s net loss, however, narrowed to $160.1 million.

“As we look ahead, we will continue to deepen our relationships with customers by delivering fashion newness, launching new categories and leveraging innovative technologies,” AKA Brands interim CEO and CFO Ciaran Long.

“Additionally, based on the success of our omnichannel tests in 2023, we are expanding our omnichannel initiatives in 2024 with the opening of three to four Princess Polly stores and new marketplace and wholesale opportunities to attract new customers and expand our total addressable market.”

For this year, the company estimates net sales of $874.4 million to $898.7 million.

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