a.k.a. Brands Holding Corp’s first-quarter net loss improved on the back of higher sales in Australia and New Zealand (ANZ) and the US.
The company, which owns Princess Polly, Culture Kings, Petal and Pup and mnml, saw net loss narrow to US$8.4 million from $8.9 million in the year-ago period.
Its net sales grew 10.1 per cent year over year to US$128.7 million, with its ANZ sales rising 6.2 per cent to US$35.6 million and US sales surging 14.2 per cent to US$88.1 million.
Its sales from the rest of the world plunged 19 per cent to US$5 million.
During the quarter, the company opened its seventh Princess Polly store in SoHo and plans to open six additional stores this year, bringing the brand’s store count to 13 by year-end.
“As we approach the evolving trade environment impacting our U.S. business, we are confident that our strategic actions, swift execution and flexible business model will enable us to navigate this period and emerge even stronger,” said Ciaran Long, CEO of a.k.a. Brands.
“Importantly, we continue to see solid demand trends in the first six weeks of the second quarter, in-line with our outlook for the year. We’re committed to building durable fashion brands for the long-term, and we believe the power of our operating model and the actions we’re taking will enhance our agility, resilience and long-term competitiveness.”
The company estimates net sales of between US$154 million and US$158 million and adjusted EBITDA of between US$7.0 million and US$8.0 million for the second quarter.
For the full year, the company forecasts net sales of US$600 million to US$610 million and adjusted EBITDA of US$24.0 million to US$27.5 million.