A.K.A. Brands announced net sales decreased 9.6 per cent to US $ 140.8 million during the third quarter, on the back of lacklustre sales in overseas markets, partially offset by gains in the US.
The San Francisco-based company stated that unfavourable macroeconomic conditions in Australia and New Zealand were the primary cause of the drop in revenues, which was attributed to a decrease in both the number of orders and average order value during the quarter.
The United States, whose net sales rose 2 per cent and by 9.7 per cent over a two-year period, somewhat countered that. For the three months ended 30th September, the owner of Mnml, Princess Polly, and Culture Kings experienced a widening of net losses to US $ 70.4 million, up from a loss of US $ 0.1 million the previous year.
A.K.A. Brands said that Jill Ramsey, the company’s CEO, has chosen to take a personal leave of absence and move into a strategic advisory role, effective immediately, in conjunction with the results report.
