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a.k.a. Brands Holding Corp. (NYSE: AKA) is a dynamic online fashion retailer specializing in acquiring and accelerating the growth of digitally native fashion brands that cater to Gen Z and Millennial audiences. Its portfolio includes four distinctive brands: Princess Polly, Petal & Pup, Culture Kings, and mnml. These brands offer unique merchandise and create compelling social content to engage their target demographics.
a.k.a. Brands leverages its next-generation retail platform to help each brand expand its market reach and improve profitability. The company’s operations are primarily concentrated in Australia and New Zealand, but it also has a growing presence in the U.S. market, which accounted for approximately 60% of its total net sales in recent quarters.
In recent developments, the company has implemented a share repurchase program, authorized to buy back up to $2 million in shares, signaling confidence in its financial stability. Another significant milestone includes the opening of Princess Polly's first U.S. store in Los Angeles, which has exceeded revenue expectations and fostered deeper customer connections.
Financially, a.k.a. Brands reported a net sales decrease of 9.6% year-over-year for the third quarter of 2023, totaling $140.8 million. However, U.S. net sales grew by 2.0% in the same period, highlighting the region's potential for growth. The company continues to strengthen its balance sheet by reducing inventory and paying down debt, reporting a 21% reduction in inventory and a 26% decrease in debt year-to-date.
Looking ahead, a.k.a. Brands aims to expand its omnichannel strategy with more physical store openings and enhanced marketplace partnerships. The company remains focused on driving operational efficiencies and strengthening its financial position to deliver long-term shareholder value.
A.k.a. Brands Holding Corp. (NYSE: AKA), a brand accelerator for next-generation fashion brands, announced its participation in the SHARE Series at the NYSE. The event is scheduled for Friday, June 14, 2024, at 10:55 am Eastern Time. Interim CEO and CFO Ciaran Long will represent the company in a fireside chat. The session will be webcast live, accessible via the company's Investor Relations website, with an archive available post-event.
a.k.a. Brands Holding Corp. reported a 6% increase in U.S. net sales and a 5.5% growth in active customer base. The company reduced inventory by 19% and debt by 22% year-over-year. Despite a 3.0% decrease in net sales to $116.8 million, the U.S. saw a 6.2% growth. Adjusted EBITDA was $0.9 million, down from $2.2 million in Q1 2023. The company remains optimistic about future growth opportunities.
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