Net sales of US' a.k.a. Brands at $546.3 mn in FY23

08 Mar '24

2 min read

Pic: a.k.a Brands

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US' a.k.a. Brands Holding Corp reported net sales of $546.3 million in FY23, a decrease of 10.7 per cent YoY, with a net loss improvement to $98.9 million from $176.7 million in the previous year.
Adjusted EBITDA decreased to $13.8 million.
For Q4 FY23, net sales were nearly flat at $148.9 million, with a notable 11.6 per cent increase in the US market.

American firm a.k.a. Brands Holding Corp has reported a downturn in its fiscal 2023 (FY23) results with net sales falling by 10.7 per cent to $546.3 million from $611.7 million in the previous year. Despite the decline, the company saw an improvement in its net loss, which was $98.9 million, or $9.24 per share, an improvement from a net loss of $176.7 million, or $16.47 per share in fiscal 2022.

The adjusted EBITDA for the year stood at $13.8 million, representing 2.5 per cent of net sales, a decrease from $31.9 million or 5.2 per cent of net sales in FY22, the company said in its FY23 financial results.

In the fourth quarter of FY23, a.k.a. Brands saw a nearly flat net sales performance at $148.9 million, compared to $149.1 million in the same period last year, with constant currency adjustments showing no significant change. However, the US market exhibited a notable growth of 11.6 per cent in net sales compared to the fourth quarter of FY22.

The net loss for the quarter was significantly reduced to $13.9 million, or $1.31 per share, from a net loss of $173.9 million, or $16.26 per share, in the fourth quarter of FY22. Adjusted EBITDA for Q4 stood at $1.3 million, or 0.9 per cent of net sales, a decrease from the $6.1 million, or 4.1 per cent of net sales reported in the same quarter the previous year.

“2023 was a transformational year for a.k.a. Brands, and I want to thank our teams for their continued dedication to building next-generation fashion brands for the next generation of consumers,” said Ciaran Long, Interim Chief Executive Officer and Chief Financial Officer.

“I’m pleased that we delivered net sales growth in the US in the fourth quarter of FY23, which marks the second consecutive quarter of growth in our largest market. I’m proud of the teams’ strong execution across regions, which enabled us to reduce our year-end inventory by 28 per cent compared to last year,” said Ciaran Long, interim chief executive officer and chief financial officer.

Fibre2Fashion News Desk (DP)

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