By Karen Roman
a.k.a. Brands Holding Corp. (NYSE: AKA), a company that accelerates next generation fashion brands, announced its U.S. net sales grew 11.6% on the last quarter of 2023 and its total net sales decreased 0.1% to $148.9 million, compared to $149.1 million.
The company’s adjusted EBITDA was $1.3 million or 0.9% of net sales in Q4 of 2023 in comparison to $6.1 million or 4.1% of net sales for the last quarter of 2022, it reported.
For 2023, net sales had a reduction of 10.7% and reached $546.3 million, in comparison to $611.7 million in 2022, the company stated. Adjusted EBITDA was $13.8 million representing 2.5% of net sales, contrasted with $31.9 million or 5.2% of net sales in 2022, it said.
Regarding brand highlights, Princess Polly is expected to open three to four new stores in the second half of 2024, Culture Kings U.S. reported double-digit net sales growth in 2023 and Petal & Pup launched on Nordstrom’s website in Q1 of 2024, the company announced.
“We continued to manage the business prudently and strengthened our balance sheet – we paid off more than $50 million of debt this year, effectively reducing our debt by 35% in fiscal 2023,” said Ciaran Long, the firm’s Interim CEO and CFO. “We remain committed to streamlining our operations to deliver long-term profitable growth,” he said.
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