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Nov 10, 2021
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A.K.A. Brands sales jump 155% in Q3

Published
Nov 10, 2021

A.K.A. Brands Holding Corp., a San Francisco-based company specialized in digital-native fashion brands targeting millennial and Gen-Z consumers, announced on Tuesday a net sales increase of 155 percent. 

A.K.A. Brands sales jump 155% in Q3. - Facebook: Princess Polly


For the third quarter ended September 30, 2021, sales reached $161.8 million, compared to $63.3 million in the third quarter of 2020. The increase was driven by a 128 percent increase in the number of orders processed, driven by growth of Princess Polly in the U.S. and the inclusion of Culture Kings, and 13 percent growth in the average order value during the quarter.

The company did, however, record a net loss of $9.9 million, or a loss of $0.11 per share for the quarter, compared to a net income of $7.1 million or $0.10 in the same period last year. A.K.A. Brands attributed the loss in part to "i
nventory step-up amortization expense resulting from the acquisition of Culture Kings," which took place in April this year.

Adjusted net income was $3.5 million, or $0.04 per share in the third quarter of 2021, compared to $7.1 million or $0.10 per share in the third quarter of 2020.

Overall, the company delivered growth across all brands and regions led by Princess Polly acceleration in the U.S. and benefited from continued momentum in Culture Kings’ digital business in Australia and the U.S. 

“We are very pleased to have delivered strong results for our first quarter as a public company, fueled by growth across our diversified portfolio of brands,” said Jill Ramsey, chief executive officer, A.K.A. Brands. 

“During the quarter our brands generated growth across all regions, especially in the U.S. where net sales increased 84%1 on a pro-forma basis. We also saw solid growth in Australia, despite the Covid-19 related lockdowns. Looking ahead, we will continue to accelerate the global growth of our brands by increasing customer awareness and leveraging our unique business model to drive long term profitability and value.”

Most recently, the company acquired direct-to-consumer men’s streetwear brand Mnml for $48.6 million of combined cash and equity. In September, A.K.A. Brands also made its initial public offering, opening below the initial public offering price.

For the full year fiscal 2021, the company expects net sales between $550 million and $560 million, and adjusted EBITDA of between $60 million and $62 million.

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