MySale improves margins as revenue rises 7%
MySale, a leading international online retailer with flash sales sites in Australia, New Zealand, South-East Asia and the UK, reported revenue and profit growth as it focused on improving gross margins in the year to 30 June 2016.
Revenue grew by 7% to A$252.3 million, while profit climbed by 21% driven by a margin improvement to 26.4%, the company said Wednesday in a statement.
The group’s target territories performed well in the period, with particularly strong growth in the UK market, where Mysale trades as Cocosa. Revenue was up 139%, while profits grew 133%.
Meanwhile, the business in Australia secured a partnership deal with Sports Direct. Carl Jackson, CEO said this partnership is a “testimony to the capabilities” the company has to offer to large retail partners and will provide further a catalyst to the group’s growth plans.
Jackson added that MySale’s diversified international operations will help insulate the company from uncertainties related to Brexit. “In the immediate term the Group will experience some benefit from a weaker GBP Sterling exchange rate. Additionally, our core customer offer of compelling, discounted value in branded products should be highly relevant for consumers in tightening economic conditions."
The retail group also said the new financial year has got off to a strong start, with performance ahead of expectations. “The board is confident in the group's prospects for the year,” said the CEO.
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