MySale boasts another year of record sales as CFO departs

MySale has reported a double-digit profit rise hailing “another set of record results” as it cashes in on improvements made to its technology platform.

The Australian-based online fashion retailer, which offers shoppers significant discounts on major luxury brands, saw gross profits jump 13 per cent top A$85.7 million (£46.44 million) for the year to June 30.

Revenues increased nine per cent to A$292.2 million (£158.3 million), while underlying profit before tax skyrocketed 50 per cent to A$4.9 million (£2.6 million), sending underlying basic earnings per share up 70 per cent to 2.3p.

Investments made to “increase customer engagement” have also seemingly paid off, with the retailer’s active customer base rising nine per cent to 1 million, while its average order value jumped five per cent to A$91 (£45).

Alongside the impressive set of financial figures, MySale also announced that its chief financial officer Andrew Dingle is due to depart from the group this month

‘’We are very pleased to deliver another set of record results, with significant increases in both our sales and profit performance for the year, demonstrating the strategic progress we have made to harness our technology platform, increase customer engagement and drive growth,” chief executive Carl Jackson said.

“We continue to provide a compelling online retail offer to our global customer base with unrivalled value combined with excellent choice across a number of attractive brands as well as a great user experience across all platforms, particularly mobile, where the majority of our sales are made.

“Through targeted investment, customer engagement has improved with increases in average order values, basket size and order frequency.

“At the same time, we continue to deliver the integrated inventory solutions and new sales channels that our international brand partners require, which are becoming all the more relevant given the structural shift to online across the retail sector generally.”

Outlook for the current year remains in line with expectations while its expectations for FY19 trading are in line with market forecasts.

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