A.k.a Brands plunges 34% as Q2 sales miss estimates

aka Brands Holding

22/07/2022 18:28

** Shares in online fashion retailer a.k.a. Brands Holding
 AKA.N  fall ~34% to $1.95, their lowest since market debut in
September
    ** Stock on track for worst day on record 
    ** AKA says net sales grew 6% to ~$158.5 mln in Q2, lower
than analysts' estimates of $167.8 mln, according to Refinitiv
    ** "Sales were impacted by inflationary pressures on the
consumer, shifts in spending and a slower than expected recovery
in Australia," says CEO Jill Ramsey
    ** At least five brokerages cut PTs on AKA, with Jefferies
saying co's near-term results remain pressured even though it
has an attractive long-term opportunity
    ** YTD, stock down ~79%

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com;))