admin US-based fashion group a.k.a. Brands reported a third quarter net sales decrease of 9.6 percent or 8 percent drop in constant currency to 140.8 million dollars.
In the U.S., net sales increased 2 percent compared to the third quarter of 2022 and grew 9.7 percent on a two-year stack.
For the full year, the company now expects net sales between 550 million dollars and 555 million dollars and adjusted EBITDA between 13.5 million dollars and 15.5 million dollars.
The company also has announced that chief executive officer, Jill Ramsey, has made the personal decision to transition to a strategic advisory role effective immediately. Ciaran Long, interim CEO and chief financial officer will continue to hold the position while the board conducts a search.
“I am pleased to report that the improvements we have made to our operating model enabled us to generate positive operating cash flow of 11 million dollars and deliver net sales growth in the U.S. in the third quarter,” said Ciaran Long.
The company’s net loss for the quarter widened to 70.4 million dollars or 6.58 dollars per share, while adjusted EBITDA decreased to 4.7 million dollars or 3.3 percent of net sales.
“We continue to strengthen our balance sheet by reducing debt by 26 percent year-to-date, coupled with a strategic reduction in our inventory position, which is down 21 percent year-to-date. The opening of our first Princess Polly store in Los Angeles has outperformed our expectations,” added Long.
