LONDON (Alliance News) - MySale Group PLC on Wednesday said it swung to a profit in its last financial year, boosted by growth in revenue, as it announced a partnership with Sports Direct International PLC.
MySale, an international online clothing retailer, said it made a pretax profit of AUD167,000 in the year ended June 30, having suffered a AUD21.5 million pretax loss the year before.
This was helped by growth in revenue to AUD252.3 million from AUD235.9 million, and an increase in operating gains to AUD2.2 million from AUD204,000.
In Southeast Asia, revenue rose by 20% year-on-year, while UK revenue more than doubled. Average order value was up by 20% to AUD90, and average revenue per active customer grew by 9% to AUD302.
After the year-end, MySale agreed a partnership with UK-based sporting goods retailer Sports Direct in Australia. Under the deal, Australian consumers will be able to buy Sports Direct merchandise through MySale's Australian website.
Once implemented, the partnership may be extended into New Zealand and Southeast Asia.
''The group's diversified international operations should be well insulated from any uncertainty associated with the United Kingdom's prospective exit from the EU and in the immediate term the group will experience some benefit from a weaker sterling exchange rate. Additionally, our core customer offer of compelling, discounted value in branded products should be highly relevant for consumers in tightening economic conditions," MySale Chief Executive Carl Jackson said in a statement.
''We have seen an encouraging start to the current financial year with performance ahead of our expectations and, although the key trading period still lies ahead, the board is confident in the group's prospects for the year," he added.
Shares in MySale were trading up 4.1% at 95.80 pence on Wednesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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