US apparel company a.k.a. Brands reported a 14.2 per cent decline in second-quarter sales.
The San Francisco-based business, whose portfolio includes Petal & Pup, Rebdolls, Culture Kings, and Mnml, generated sales of US $ 136 million in the three months ending on 30th June. This is a decrease from the US $ 158.5 million generated in the same period last year.
It claimed that throughout the quarter, fewer orders and orders with lower average order values were placed, which was mostly due to “adverse macroeconomic conditions” in Australia.
On a constant currency basis, net sales were down 11 per cent year-on-year.
Interim CFO Ciaran Long said in a statement, “The US performance was in line with our expectations, registering 80 million dollars of net sales in the second quarter and delivering 12 per cent growth on a two-year basis.”
In comparison to a loss of US $ 4.2 million a year earlier, the corporation reported a net loss of US $ 5 million.
a.k.a. Brands revised its full-year forecast downward. In contrast to its earlier forecast of between US $ 575 million and US $ 605 million, it now anticipates sales of between US $ 555 million and US $ 565 million.
Compared to its earlier forecast of between US $ 36 million and US $ 38 million, it anticipates adjusted EBITDA of between US $ 21 million and US $ 25 million.
