MySale says its UK business is trading ahead of expectations – though outlook weakens in its home t
Flash sale internet retailer MySale
, which earlier this year moved its business headquarters from Australia to the UK
, today said trading in this country was ahead of expectations. But it warned that the outlook had weakened in its Australasian home territories.
In a trading statement for the five months to November 30, the company said business in new markets including the US and the UK had helped lift revenues that were 4% ahead of the same time last year. "The UK in particular is trading ahead of expectations and the company has become increasingly confident in the UK market opportunity where it has now established itself with a new buying office in London and a fully operational UK distribution centre in Corby," MySale said.
Expansion into these markets brings the total number of countries that MySale operates in to 10. In Asia, revenues were 29% ahead, year-on-year. But, the company said, trading was "more challenging" in its original markets of Australia and New Zealand thanks to increased competition and weakening economic outlook.
The retailer's focus is now on new member acquisition around the world - it recruited 3.1m new members in the five months to November 30, taking its total to more than 15.5m. During the period. During the period its mobile apps were downloaded almost 4m times. In its existing markets it has invested around A$9m in marketing and other measures designed to stimulate growth.
Today's MySale statement 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."