$AKA reports Q4 and full-year financial results, net sales down 18% over last year.
Mar 9th 2023, 9:08 pm
Analyst Summary: a.k.a. Brands Holding Corp has announced its Q4 and full-year financial results ended December 31, 2022. The company reported a decline of 18% in net sales compared to the same period last year due to a promotional environment and lower marketing effectiveness. A.K.A's CEO, Jill Ramsey, stated that the company is "laser-focused on strengthening the foundation of our brands and business" and announced the opening of its first Princess Polly store in Southern California, and testing wholesale operations to drive growth in the long term. The CEO is taking time to work through unforeseen medical issues, and the CFO, Ciaran Long, will serve as acting CEO on an interim basis. The company sold Rebdolls back to its founder in an effort to focus on brands with greater scale that can fully benefit from the company's business model. Investors should note that these forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially.