Secretsales.com has reported a 37% jump in revenues in the first four months of this year, after its full-year losses narrowed.
- Sales up 37% in four months to April 2015
- Extra £3m of funding secured to “accelerate growth”
- Full-year operating losses narrow to £2.2m
The flash Sales etailer, which has 3.7 million registered members, also revealed it has secured an extra £3m through a bank loan as it aims to double the size of its technology team. The London-based etailer employs around 100 staff at its Notting Hill headquarters.
It now has around 1,500 brands listed on the site, having secured luxury brands such as Prada in the past year.
“We continue to invest aggressively in technology to deliver an enhanced consumer offering,” said chief executive Nish Kukadia.
Secretsales.com also reported that its full-year operating losses narrowed from £3.7m in 2013 to £2.2m in 2014, helped by turning a profit in the final quarter of the year. Sales in the 12 months to the end of December rose 39% to £25.2m.
Kukadia added: “Our focus on cutting-edge, proprietary technology has driven this change through the greater ability to understand the needs and wants of each member, facilitating improved targeting and personalisation, resulting in an increase in both consumer actives and average spend per head.”
Around 60% of sales were generated through mobile devices, compared with 50% the prior year. It recorded a 22% increase in registered members.
Kukadia said: “We are confident in the future and in delivering on our strategic objectives.”