- Pre-tax losses narrowed from A$17.8m (£10.5m) in 2015 to A$200,000 (£118,000) in the year to June 30
- Sales rose 7% to A$252m (£148.7m)
- Discount site revealed strategic partnership with Sports Direct in Australia
MySale has narrowed its full-year losses, revealing a strong financial performance and a partnership with Sports Direct in Australia.
Pre-tax losses shrunk at the discount fashion website, which both Mike Ashley and Sir Philip Green are investors in, going from A$17.8m (£10.5m) in 2015 to A$200,000 (£118,000) in the year to June 30.
Sales rose 7% to A$252m (£148.7m), with second half sales growing 10%.
The UK led sales growth, as revenues increased 139% to A$10m (£7.7m), predominantly under the premium Cocosa brand. The group wants to become the leading market player in the UK owing to the undeveloped nature of the UK flash Sales market.
MySale launched a partnership with investor Mike Ashley’s Sports Direct after its year end. It will now sell 150,000 Sports Direct SKUs to Australian consumers, integrating MySale’s consumer website with Sports Direct’s supply chain at an individual product level.
The partnership may be extended to New Zealand and southeast Asia.
Average order values increased 20% to A$90 (£69.20) while average revenue per active customer over the year increased 9% to A$302 (£232.30).
Mobile sales now account for 58% of sales, up from 56% of sales in 2015.
Chief executive Carl Jackson said: “We achieved significantly improved operational performance and solid progress against our strategic aims. We built on a solid first half with further improvements in the second half and our challenge now is to build further on that momentum and execute on the real and exciting opportunities the group has to significantly grow the business.
“The new strategic partnership with Sports Direct is testimony to the capabilities we have to offer large retail partners and alliances such as this will provide further catalyst to our growth plans.
“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 that MySale was well insulated from any uncertainty surrounding Brexit, as it would benefit from a weaker sterling and its discounted branded product would be attractive to belt-tightening consumers.