Flash sales retailer MySale has warned that its full year pre-tax profits will be below market expectations.
Overall MySale’s revenues were 4% higher than the previous year. However, the group said it experienced substantial regional variations.
Having floated on London’s Alternative Investment Market in June, the retailer said it put in a strong performance in Asia, with revenues up 29% year-on-year. In addition, sales in its Rest of World operations were ahead of expectations, including a maiden contribution from its new markets in the UK and the USA.
MySale said the UK in particular was trading ahead of expectations and that the company was becoming progressively confident in the UK market opportunity.
However, sales were down year-on-year in its original markets of Australia and New Zealand due to increased competition and a weakening economic outlook.
Looking ahead the group said: “Overall MySale anticipates that revenues for the full year will show double digit growth, despite the slowdown in the Australian economy, as its new markets continue to develop. Profit-before-tax is expected to be materially below market expectations, as MySale continues to grow its membership for the long term in our newer markets.”
