Pureplay retailer Global Fashion Group (GFG) has reported an increase in sales in the first quarter and improving margins as it eyes profitability.
The fashion etailer said that revenues grew by 8.1% in the first quarter of the 2020 financial year, which reflected a “growing proportion of transactions coming through the marketplace”.
GFG said that adjusted EBITDA for the period was negative 8.3%, an improvement of 150bps year on year, “continuing our path to profitability”.
The retailer said the improved EBITDA performance was driven by a higher gross margin and offset by increased fulfilment costs.
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