AKA Brands saw higher annual sales in the US, thanks to double-digit net sales growth of its Culture Kings business.
The fashion company’s US sales rose 0.8 per cent to $315.5 million last year, the only region that posted sales growth across the company’s markets.
The company noted that MNML continues to be a top-selling brand at the Culture Kings store in the US.
Meanwhile, Australia and New Zealand sales fell 24.6 per cent to $202.8 million and the rest of the world sales declined 6.4 per cent to $28 million.
The group’s sales slid 10.7 per cent to $546.3 million while net loss narrowed to $98.9 million.
Moving forward, the company will open three to four Princess Polly stores in the second half, including signed leases for stores in Boston and San Diego.
Petal & Pup, on the other hand, already launched on Nordstrom’s website in the first quarter.
“As we look ahead, we will continue to deepen our relationships with customers by delivering fashion newness, launching new categories and leveraging innovative technologies,” AKA Brands interim CEO and CFO Ciaran Long.
“Additionally, based on the success of our omnichannel tests in 2023, we are expanding our omnichannel initiatives in 2024 with the opening of three to four Princess Polly stores and new marketplace and wholesale opportunities to attract new customers and expand our total addressable market.”
For this year, AKA Brands forecasts net sales of between $540 million and $555 million.
