// MySale revenue drops in the year ending June 30
// Chief commercial officer Kalman Polak was promoted to CEO
MySale has recorded a drop in revenue in the year ending June 30 as it announced the appointment of a new chief executive.
The Australian online retailer reported a 10 per cent drop in revenue to A$117.9, while its gross merchandise value (GMV) fell 4.3 per cent to A$125.4 million.
Gross profit increased 5.7 per cent to A$46.4, while its underlying EBITDA came in at A$4.2 million, swinging from a loss of A$2.7 million the year before.
READ MORE: MySale returns to profit after restructuring to “inventory light” marketplace platform
However, its reported loss before tax widened to A$5.4 from A$3.4 the prior year.
MySale also promoted its chief commercial officer Kalman Polak to the position of chief executive.
Current chief Carl Jackson will remain at MySale as executive chairman of the group, while current chair Charles Butler will move to the position of senior independent director.
“There are a number of opportunities ahead, both in our core apparel category, but also across beauty and homewares,” Jackson said.
He said the appointment of Polak and “a strengthened leadership team will help accelerate our progress and we are already seeing momentum continuing into the current financial year”.
“Underpinned by a right sized cost base and a positive cash position, we look forward with confidence,” he said.
In March, MySale restructured to an “inventory light marketplace platform” focused on the ANZ market.
Jackson said a successful capital raise during the year accelerated the transformation of the business, “which is now focused on scaling our unique, off-price marketplace platform”.
The company increased its number of brand partners by more than 30 per cent to over 300 in the year.
In 2019, Mike Ashley’s Frasers Group sold off its 4.8 per cent stake in MySale.
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