MySale still loss-making but transformation strategy continues
Jan 16, 2020
MySale continued to face tough times in the past six months with a trading update for the period to December 31 showing lower sales and an underlying loss.
The company, which offers fashion and other goods at outlet store prices, is listed on the London Stock Exchange but is now heavily focused on its core Australia and New Zealand markets, although it also targets southeast Asia. It has sold its UK-based Cocosa operation.
For the latest period, it reported revenue of A$71.9m, in line with expectations, as the group transitioned “to an Inventory Light Marketplace Platform”. It’s underlying EBITDA loss was A$3.6m, but it had net cash of A$7.2m and is now debt-free.
The group continues to trade “in line with management expectations, building on the important steps taken to simplify, reorganise and recapitalise the business last year”. This has involved a restructure of the supply chain and relaunching brand partners on that Inventory-Light Marketplace Platform," where they can benefit from MySale's counter-seasonal proposition”.
CEO Carl Jackson said: “Having taken some critical steps last year to restructure the group for the future, we're pleased to see our counter-seasonal offering beginning to resonate with a number of our brand partners who have relaunched on our marketplace platform over the last six months.
"We will continue to drive this momentum in ANZ, with our inventory light marketplace , through our new organisational structure and simplified business model, and will look to deliver further progress over the second half.”
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