1st Apr 2020 09:54
(Alliance News) - MySale Group PLC on Wednesday said bushfires in Australia and early Covid-19 supply chain challenges hurt its trading, though the online retailer narrowed its annual loss.
In 2019, revenue fell 43% to AUD71.9 million about GBP35.3 million, from AUD126.2 million.
MySale's pretax loss narrowed to AUD3.7 million from AUD10.3 million. Contributing to the trimmed loss was a fall in selling & distribution expenses to AUD20.4 million from AUD42.6 million.
Chief Executive Officer Carl Jackson said: "The group has undergone a period of significant change with an intense focus on reducing costs and inventory levels.
"The second half to date has been impacted by poor consumer confidence as a result of the bushfire crisis and early challenges with the supply chain due to the Covid-19 pandemic. However, as the pandemic has accelerated, MySale has benefited from additional inventory in the market as retailers and brands have been unable to sell it through their mainly offline existing channels."
MySale added that in recent weeks, sales have been "strong", though the company added it is difficult to predict the full impact of the Covid-19 pandemic.
"In light of the market uncertainty as a result of the Covid-19 situation, the board believes it is prudent to not give financial guidance for financial 2020 and beyond at this stage," MySale added.
Shares in the company were untraded at 2.00 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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