In the U.S., net sales increased 6.2 percent compared to the first quarter of 2023. Net loss was $8.9 million, or $0.85 per share in the first quarter of 2024 , compared with a net loss of $9.6 million, or $0.89 per share, in the first quarter. quarter of 2023. Adjusted EBITDA was $0.9 million in the first quarter of 2024, compared to $2.2 million in the first quarter of 2023.
“2024 is off to a great start and I am pleased to have delivered a strong first quarter that exceeded the high end of our net sales and adjusted EBITDA outlook. We continue to generate growth in the US with net sales growth of 6.2 percent in the first quarter. Importantly, we also continue to attract and retain customers, and I am proud to have increased our active customer base by 5.5 percent year over year. “Our strong performance is a direct result of our teams’ strong execution of our strategic priorities, and I am grateful for their unwavering dedication and commitment to building next-generation brands for next-generation consumers,” he said. Ciaran Long, interim CEO and CFO.
“Our brands continued to deliver innovative retail strategies in the first quarter, including the well-received introduction of a sportswear collection by Princess Polly, a strong launch of Petal & Pup on the Nordstrom website, further expansion of our presence in the omnichannel market and another quarter of Strong double-digit net sales growth in our Culture Kings business in the US,” Long added.
Gross margin was 56.2 percent, compared to 56.9 percent in the first quarter of 2023. The decrease was primarily due to specific inventory actions at Culture Kings Australia and the impact of growing wholesale initiatives and market, the company said in a press release.
In the fourth quarter of fiscal 2024, selling expenses were $34.2 million, compared to $34.4 million in the first quarter of 2023. Selling expenses represented 29.3 percent of net sales compared to 28.6 percent of net sales in the first quarter of 2023. Expenses were $14.9 million, compared to $14.8 million in the first quarter of 2023. Marketing expenses They represented 12.7 percent of net sales compared to 12.3 percent of net sales in the first quarter of 2023.
“Our 2024 operating framework is based on three key strategic priorities: retaining existing customers and attracting new ones, remaining committed to being present for our customers wherever they choose to shop with us, and continuing to optimize our operations to deliver financial benefits across the globe.” world. company. I am very confident in the many future profitable growth opportunities we see for aka Brands, particularly the tremendous white space we see in the US to expand the reach of our brand portfolio and the total market we address. ”Long concluded.
Fiber2Fashion (RR) News Desk
