MySale reports drop in full-year revenue, appoints new CEO

Australian online retailer MySale has reported a drop in revenue in the year ending June 30 as it appointed a new CEO.

The company posted a 10 percent drop in revenue to 117.9 million Australian dollars, while its gross merchandise value (GMV) fell 4.3 percent to 125.4 million Australian dollars.

On a more positive note, its gross profit increased 5.7 percent to 46.4 million Australian dollars, while its underlying EBITDA came in at 4.2 million Australian dollars, swinging from a loss of 2.7 million Australian dollars the year before.

But its reported loss before tax widened to 5.4 million Australian dollars from 3.4 million Australian dollars the prior year.

Leadership reshuffle

The company also announced the promotion of chief commercial officer Kalman Polak as its new CEO.

Current chief Carl Jackson will remain at MySale as executive chairman of the group, while current chair Charles Butler will move to the position of senior independent director.

“There are a number of opportunities ahead, both in our core apparel category, but also across beauty and homewares,” outgoing CEO Jackson said in a release.

He said the appointment of Polak as CEO and “a strengthened leadership team will help accelerate our progress and we are already seeing momentum continuing into the current financial year”.

“Underpinned by a right-sized cost base and a positive cash position, we look forward with confidence,” he said.

In March, MySale restructured to an “inventory light marketplace platform” focused on the ANZ market.

Jackson said a successful capital raise during the year accelerated the transformation of the business, “which is now focused on scaling our unique, off-price marketplace platform”.

The company increased its number of brand partners by more than 30 percent to over 300 in the year.

“It has been a year of significant strategic and operational progress, with a return to underlying profitability, leaving us well positioned for strong growth in FY22 and beyond,” Jackson said.