Culture Kings Reimagines In-Store Retail
with Its First U.S. Flagship Store in Las Vegas
Active Customers1 Increased 23% on an LTM
Basis Compared to the Same Period Last Year
a.k.a. Brands Holding Corp. (NYSE: AKA), a brand
accelerator of next generation fashion brands, today announced
financial results for the third quarter ended September 30,
2022.
Results for the Third Quarter
- Net sales decreased 3.7% to $155.8 million, compared to
$161.8 million in the third quarter of 2021; flat2 in Constant
Currency.
- Net loss was $(0.1) million or $0.00 per share, and
(0.1%) of net sales in the third quarter of 2022, compared to net
loss attributable to a.k.a. Brands Holding Corp. of $(9.9) million
or $(0.11) per share. and (6.1%) of net sales in the third quarter
of 2021.
- Adjusted EBITDA1 was $9.2 million, or 5.9% of net sales,
compared to $18.5 million, or 11.5% of net sales in the third
quarter of 2021.
“Thanks to the hard work and agility of our teams, we delivered
8% growth in the U.S. and grew active customers1 by 23% compared to
last year. And, I am pleased that we sequentially stabilized and
improved our profitability during the third quarter despite the
challenging macro environment,” said Jill Ramsey, chief executive
officer, a.k.a. Brands. “Our flexible and asset-light model enables
us to quickly adapt during dynamic market conditions, and we remain
laser focused on identifying efficiencies in our platform while
balancing growth. During the quarter, we took a number of
controllable actions, including marketing spend reallocation,
inventory optimizations and resource rightsizing. As we look ahead,
we anticipate another challenging quarter, but I’m confident that
we have great brands, next-generation merchandising and marketing
strategies and the necessary discipline to deliver long-term
growth.”
Recent Business
Highlights
- Princess Polly expanded their formal dress assortment with a
new homecoming collection, which resonated well with
customers.
- Culture Kings opened its first U.S. flagship store in Las Vegas
on November 5, formally launching the brand in the U.S. with its
revolutionary, immersive in-store experience.
- Petal & Pup piloted a three-day shoppable event in
Nashville, which was attended by approximately 100 influencers and
garnered 10 million social media impressions.
- mnml is the fastest growing brand on Culture Kings website and
is leveraging the proven data driven merchandising strategy to drop
new styles faster.
Third Quarter Financial
Details
- Net sales decreased 3.7% to $155.8 million, compared to
$161.8 million in the third quarter of 2021. The decrease was
driven by a decrease in the average order value during the quarter,
which was primarily due to changes in foreign currency rates. On a
Constant Currency2 basis, net sales were flat to last year.
- Gross margin was 55.7%, compared to 53.2% in the third
quarter of 2021. The 250 basis point increase in gross margin rate
was primarily driven by a detrimental $6.0 million fair value
adjustment related to the Culture Kings acquisition included in the
prior year, partially offset by increased promotional
activity.
- Selling expenses were $41.5 million, compared to $40.6
million in the third quarter of 2021. Selling expenses were 26.6%
of net sales compared to 25.1% of net sales in the third quarter of
2021. The increase was primarily due to the inclusion of mnml and
increased costs for distribution and future store facilities,
partially offset by increased strategic usage of lower-cost
shipping vendors.
- Marketing expenses were $16.5 million, compared to $15.5
million in the third quarter of 2021. Marketing expenses were 10.6%
of net sales compared to 9.6% of net sales in the third quarter of
2021. The increase was primarily driven by the inclusion of mnml,
which operates with a higher rate of advertising spend.
- General and administrative (“G&A”) expenses were
$26.1 million, compared to $28.9 million in the third quarter of
2021. G&A expenses were 16.8% of net sales compared to 17.9% of
net sales in the third quarter of 2021. The decrease in G&A
expenses during the quarter was primarily due to a reduction in
equity-based compensation.
- Adjusted EBITDA1 was $9.2 million, or 5.9% of net sales,
compared to $18.5 million, or 11.5% of net sales in the third
quarter of 2021.
Balance Sheet and Cash
Flow
- Cash and cash equivalents at the end of the third
quarter totaled $31.1 million, compared to $38.8 million at the end
of fiscal year 2021.
- Inventory at the end of the third quarter totaled $136.9
million, compared to $115.8 million at the end of fiscal year 2021.
Inventory decreased $6.9 million, or 5%, from the end of the second
quarter of 2022.
- Debt at the end of the third quarter totaled $129.9
million, compared to $108.8 million at the end of fiscal year 2021.
The Company drew $25.0 million on its revolving credit facility in
the first quarter of 2022. Additionally, the Company drew $15.0
million on its revolving credit facility in October 2022, which is
not reflected in the September 30, 2022 balance sheet.
- Cash flow from operations for the nine months ended
September 30, 2022 was $(11.4) million, compared to $20.6 million
for the nine months ended September 30, 2021.
Outlook
As a result of the significant incremental currency
headwinds, the Company has adjusted its expectations for the fourth
quarter of 2022. The Company now expects:
- Net sales between $158 million and $165 million
- Adjusted EBITDA3 of between $11.2 million and $13.0
million
- Equity-based compensation of approximately $2.5 million
- Interest expense of approximately $2.6 million
- Weighted average diluted share count of 129 million
The above outlook is based on several assumptions, including but
not limited to, foreign exchange rates remaining at the current
levels and a continued promotional environment. See
“Forward-Looking Statements” for additional information.
Conference Call
A conference call to discuss the Company’s third quarter results
is scheduled for November 10, 2022, at 4:30 p.m. ET. Those who wish
to participate in the call may do so by dialing (877) 858-5495 (or
(201) 689-8853 for international callers). The conference call will
also be webcast live at https://ir.aka-brands.com in the Events and
Presentations section. A recording will be available shortly after
the conclusion of the call. To access the replay, please dial (877)
660-6853 (or (201) 612-7415 for international callers), conference
ID 13733529. An archive of the webcast will be available on a.k.a.
Brands’ investor relations website.
Use of Non-GAAP Financial Measures and Other Operating
Metrics
In addition to results determined in accordance with accounting
principles generally accepted in the United States of America
(GAAP), management utilizes certain non-GAAP performance measures
such as net income, as adjusted, net income per share, as adjusted,
Adjusted EBITDA, Adjusted EBITDA margin and pro forma net sales for
purposes of evaluating ongoing operations and for internal planning
and forecasting purposes. We believe that these non-GAAP operating
measures, when reviewed collectively with our GAAP financial
information, provide useful supplemental information to investors
in assessing our operating performance. See additional information
at the end of this release regarding non-GAAP financial
measures.
About a.k.a. Brands
a.k.a. Brands is a brand accelerator of next generation fashion
brands. Each brand in the a.k.a. portfolio targets a distinct Gen Z
and millennial audience, creates authentic and inspiring social
content and offers quality exclusive merchandise. a.k.a. Brands
leverages its next-generation retail platform to help each brand
accelerate its growth, scale in new markets and enhance its
profitability. Current brands in the a.k.a. Brands portfolio
include Princess Polly, Culture Kings, mnml, Petal & Pup and
Rebdolls.
Forward-Looking Statements
Certain statements made in this release are “forward-looking
statements” within the meaning of the “safe harbor” provisions of
the United States Private Securities Litigation Reform Act of 1995.
When used in this press release, the words “estimates,”
“projected,” “expects,” “anticipates,” “forecasts,” “plans,”
“intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,”
“propose” and variations of these words or similar expressions (or
the negative versions of such words or expressions) are intended to
identify forward-looking statements.
These forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside the Company’s control, that
could cause actual results or outcomes to differ materially from
those discussed in the forward-looking statements.
Important factors, among others, that may affect actual results
or outcomes include the effects of geopolitical, economic and
market conditions, including heightened inflation, slower growth or
recession, changes to fiscal and monetary policy, higher interest
rates, currency fluctuations, the impact of the COVID-19 pandemic,
challenges in the supply chain and any disruptions in European
economies as a result of the conflict in Ukraine on our operations,
customer demand and our supplier's ability to meet our needs; our
ability to anticipate rapidly-changing consumer preferences in the
apparel, footwear and accessories industries; our ability to
acquire new customers, retain existing customers or maintain
average order value levels; the effectiveness of our marketing and
our level of customer traffic; merchandise return rates; our
success in identifying brands to acquire, integrate and manage on
our platform; our ability to expand into new markets; the global
nature of our business; our use of social media platforms and
influencer sponsorship initiatives, which could adversely affect
our reputation or subject us to fines or other penalties; the
inherent challenges in measuring certain of our key operating
metrics, and the risk that real or perceived inaccuracies in such
metrics may harm our reputation and negatively affect our business;
the potential for tax liabilities that may increase the costs to
our consumers; our ability to attract and retain highly qualified
personnel; fluctuations in wage rates and the price, availability
and quality of raw materials and finished goods, which could
increase costs; interruptions in or increased costs of shipping and
distribution, which could affect our ability to deliver our
products to the market; and other risks and uncertainties set forth
in the sections entitled “Risk Factors” and “Forward-Looking
Statements” in the Company’s Annual Report on Form 10-K, dated
March 1, 2022, filed with the Securities and Exchange Commission.
a.k.a. Brands does not undertake any obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
a.k.a. BRANDS HOLDING
CORP.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(in thousands, except share
and per share data)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022
2021
2022
2021
Net sales
$
155,822
$
161,762
$
462,612
$
379,768
Cost of sales
68,965
75,652
204,112
171,636
Gross profit
86,857
86,110
258,500
208,132
Operating expenses:
Selling
41,450
40,582
127,068
98,859
Marketing
16,532
15,463
51,301
36,595
General and administrative
26,133
28,900
76,614
61,550
Total operating expenses
84,115
84,945
254,983
197,004
Income from operations
2,742
1,165
3,517
11,128
Other expense, net:
Interest expense
(1,835
)
(4,103
)
(4,487
)
(8,320
)
Loss on extinguishment of debt
—
(10,924
)
—
(10,924
)
Other expense
(923
)
(562
)
(2,035
)
(623
)
Total other expense, net
(2,758
)
(15,589
)
(6,522
)
(19,867
)
Loss before income taxes
(16
)
(14,424
)
(3,005
)
(8,739
)
Benefit from (provision for) income
tax
(98
)
4,331
204
2,625
Net loss
(114
)
(10,093
)
(2,801
)
(6,114
)
Net loss attributable to noncontrolling
interests
—
199
—
123
Net loss attributable to a.k.a. Brands
Holding Corp.
$
(114
)
$
(9,894
)
$
(2,801
)
$
(5,991
)
Net loss per share:
Basic
$
0.00
$
(0.11
)
$
(0.02
)
$
(0.07
)
Diluted
$
0.00
$
(0.11
)
$
(0.02
)
$
(0.07
)
Weighted average shares outstanding:
Basic
128,686,319
88,368,709
128,663,950
81,401,682
Diluted
128,686,319
88,368,709
128,663,950
81,401,682
a.k.a. BRANDS HOLDING
CORP.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands)
(unaudited)
September 30,
2022
December 31,
2021
Assets
Current assets:
Cash and cash equivalents
$
31,114
$
38,832
Restricted cash
1,946
2,186
Accounts receivable
3,870
2,663
Inventory, net
136,931
115,783
Prepaid income taxes
10,413
4,059
Prepaid expenses and other current
assets
16,140
20,809
Total current assets
200,414
184,332
Property and equipment, net
26,263
14,657
Operating lease right-of-use assets
37,770
26,415
Intangible assets, net
78,067
98,287
Goodwill
326,855
363,305
Other assets
889
850
Total assets
$
670,258
$
687,846
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable
$
33,745
$
25,088
Accrued liabilities
49,786
53,375
Sales returns reserve
6,150
6,887
Deferred revenue
7,499
11,344
Operating lease liabilities, current
6,034
5,721
Current portion of long-term debt
5,600
5,600
Total current liabilities
108,814
108,015
Long-term debt
124,334
103,182
Operating lease liabilities
35,028
21,370
Other long-term liabilities
1,361
1,333
Deferred income taxes, net
1,022
2,920
Total liabilities
270,559
236,820
Stockholders’ equity:
Preferred stock
—
—
Common stock
129
129
Additional paid-in capital
458,170
453,807
Accumulated other comprehensive loss
(63,969
)
(11,080
)
Retained earnings
5,369
8,170
Total stockholders’ equity
399,699
451,026
Total liabilities and stockholders’
equity
$
670,258
$
687,846
a.k.a. BRANDS HOLDING
CORP.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Nine Months Ended
September 30,
2022
2021
Cash flows from operating
activities:
Net loss
$
(2,801
)
$
(6,114
)
Adjustments to reconcile net loss to net
cash (used in) provided by operating activities:
Depreciation expense
4,121
1,705
Amortization expense
11,252
9,631
Amortization of inventory fair value
adjustment
707
12,251
Amortization of debt issuance costs
487
448
Loss on extinguishment of debt
—
10,924
Lease incentives
1,384
358
Non-cash operating lease expense
7,211
4,568
Equity-based compensation
4,448
6,714
Deferred income taxes, net
(2,343
)
(8,235
)
Changes in operating assets and
liabilities, net of effects of acquisitions:
Accounts receivable
(1,339
)
(2,280
)
Inventory
(31,067
)
(16,446
)
Prepaid expenses and other current
assets
2,965
(5,877
)
Accounts payable
9,430
3,461
Income taxes payable
(6,987
)
(12,279
)
Accrued liabilities
641
22,319
Returns reserve
(415
)
486
Deferred revenue
(3,294
)
3,351
Lease liabilities
(5,817
)
(4,354
)
Net cash (used in) provided by operating
activities
(11,417
)
20,631
Cash flows from investing
activities:
Acquisition of businesses, net of cash
acquired
—
(226,228
)
Cash paid from holdbacks associated with
acquisitions
(2,095
)
—
Purchase of noncontrolling interest
—
(20,198
)
Purchase of intangible assets
(164
)
(661
)
Purchases of property and equipment
(13,946
)
(4,715
)
Net cash used in investing activities
(16,205
)
(251,802
)
Cash flows from financing
activities:
Proceeds from initial public offering, net
of issuance costs
—
98,558
Payments of costs related to initial
public offering
(1,142
)
—
Proceeds from line of credit, net of
issuance costs
25,000
14,150
Repayment of line of credit
—
(22,071
)
Proceeds from issuance of debt, net of
issuance costs
(121
)
242,735
Repayment of debt
(4,200
)
(154,513
)
Taxes paid related to net share settlement
of equity awards
(84
)
—
Proceeds from issuance of units
—
82,669
Net cash provided by financing
activities
19,453
261,528
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
211
(830
)
Net increase (decrease) in cash, cash
equivalents and restricted cash
(7,958
)
29,527
Cash, cash equivalents and restricted cash
at beginning of period
41,018
27,099
Cash, cash equivalents and restricted cash
at end of period
$
33,060
$
56,626
Reconciliation of cash, cash
equivalents and restricted cash:
Cash and cash equivalents
$
31,114
$
54,449
Restricted cash
1,946
2,177
Total cash, cash equivalents and
restricted cash
$
33,060
$
56,626
a.k.a. BRANDS HOLDING
CORP.
KEY FINANCIAL AND OPERATING
METRICS
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022
2021
2022
2021
Gross margin
56
%
53
%
56
%
55
%
Net loss (in thousands)
$
(114
)
$
(10,093
)
$
(2,801
)
$
(6,114
)
Net loss margin
—
%
(6
)%
(1
)%
(2
)%
Adjusted EBITDA (in thousands)1
$
9,236
$
18,547
$
25,779
$
46,302
Adjusted EBITDA margin1
6
%
11
%
6
%
12
%
Key Operational Metrics and Regional
Sales
Three Months Ended
September 30,
Nine Months Ended
September 30,
(metrics in millions, except AOV; sales
in thousands)
2022
2021
2022
2021
Key Operational
Metrics
Active customers4
3.8
3.1
3.8
3.1
Active customers across a.k.a.
Brands4,5
3.8
3.1
3.8
3.1
Average order value
$
85
$
89
$
84
$
87
Average order value across a.k.a.
Brands5
$
85
$
89
$
84
$
89
Number of orders
1.8
1.8
5.5
4.4
Number of orders across a.k.a. Brands5
1.8
1.8
5.5
4.9
Sales by Region
(actual)
U.S.
$
82,172
$
76,435
$
242,117
$
190,470
Australia
57,943
63,831
166,377
142,163
Rest of world
15,707
21,496
54,118
47,135
Total
$
155,822
$
161,762
$
462,612
$
379,768
Year-over-year growth
(3.7
)%
21.8
%
Year-over-year growth on a constant
currency basis2
0.3
%
26.2
%
Active Customers
We view the number of active customers as a key indicator of our
growth, the value proposition and consumer awareness of our brand,
and their desire to purchase our products. In any particular
period, we determine our number of active customers by counting the
total number of unique customer accounts who have made at least one
purchase in the preceding 12-month period, measured from the last
date of such period.
Average Order Value
We define average order value (“AOV”) as net sales in a given
period divided by the total orders placed in that period. AOV may
fluctuate as we expand into new categories or geographies or as our
assortment changes.
a.k.a. BRANDS HOLDING CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in
thousands, except per share data) (unaudited)
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA and Adjusted EBITDA margin are key performance
measures that management uses to assess our operating performance.
Because Adjusted EBITDA and Adjusted EBITDA margin facilitate
internal comparisons of our historical operating performance on a
more consistent basis, we use these measures for business planning
purposes.
We also believe this information will be useful for investors to
facilitate comparisons of our operating performance and better
identify trends in our business. We expect Adjusted EBITDA margin
to increase over the long-term as we continue to scale our business
and achieve greater leverage in our operating expenses.
We calculate Adjusted EBITDA as net income (loss) adjusted to
exclude: interest and other expense; provision for income taxes;
depreciation and amortization expense; equity-based compensation
expense; costs to establish or relocate distribution centers;
transaction costs; costs related to severance from headcount
reductions; and one-time or non-recurring items. Adjusted EBITDA is
considered a non-GAAP financial measure under the SEC’s rules
because it excludes certain amounts included in net income, the
most directly comparable financial measure calculated in accordance
with GAAP.
A reconciliation of non-GAAP Adjusted EBITDA to net loss for the
three and nine months ended September 30, 2022 and 2021 is as
follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022
2021
2022
2021
Net loss
$
(114
)
$
(10,093
)
$
(2,801
)
$
(6,114
)
Add (deduct):
Other expense, net
2,758
15,589
6,522
19,867
Provision for (benefit from) income
tax
98
(4,331
)
(204
)
(2,625
)
Depreciation and amortization expense
4,566
4,235
15,373
11,336
Inventory step-up amortization expense
—
5,985
707
12,251
Equity-based compensation expense
1,586
5,582
4,448
6,714
Distribution center relocation costs
12
—
1,303
—
Transaction costs
39
1,580
140
4,873
Severance
291
—
291
—
Adjusted EBITDA
$
9,236
$
18,547
$
25,779
$
46,302
Net loss margin
—
%
(6
)%
(1
)%
(2
)%
Adjusted EBITDA margin
6
%
11
%
6
%
12
%
Net Loss, As Adjusted and Net Loss Per Share, As
Adjusted
Net loss, as adjusted and net loss per share, as adjusted are
considered non-GAAP financial measures under the SEC’s rules
because they exclude certain amounts included in net loss and net
loss per share calculated in accordance with GAAP, the most
directly comparable financial measures calculated in accordance
with GAAP. Management believes that net loss, as adjusted and net
loss per share, as adjusted are meaningful measures to share with
investors because they better enable comparison of the performance
with that of the comparable period. In addition, net loss, as
adjusted and net loss per share, as adjusted afford investors a
view of what management considers a.k.a.’s core earnings
performance and the ability to make a more informed assessment of
such core earnings performance with that of the prior year.
We have calculated net loss, as adjusted and net loss per share,
as adjusted for the nine months ended September 30, 2022 by
adjusting net loss and net loss per share for the inventory step-up
amortization expense resulting from the acquisition of mnml.
There were no adjustments to net income (loss) or net income
(loss) per share for any other periods or comparable periods
otherwise shown herein. A reconciliation of non-GAAP net loss, as
adjusted to net loss, as well as the resulting calculation of net
loss per share, as adjusted for the six months ended September 30,
2022 are as follows:
Nine Months Ended
September 30, 2022
Net loss
$
(2,801
)
Adjustments:
Inventory step-up amortization expense
707
Tax effects of adjustments
(212
)
Net loss, as adjusted
$
(2,306
)
Net loss per share, as adjusted
$
(0.02
)
Weighted-average shares, diluted
128,663,950
Pro Forma Net Sales
Pro forma net sales is considered a non-GAAP financial measure
under the SEC’s rules. We believe that pro forma net sales is
useful information for investors as it provides a better
understanding of sales performance, and relative changes therein,
on a comparable basis. We calculate pro forma net sales as net
sales including the historical net sales relating to the
pre-acquisition periods of Culture Kings, assuming that the Company
acquired Culture Kings at the beginning of the period presented.
Pro forma net sales is not necessarily indicative of what the
actual results would have been if the acquisition had in fact
occurred on the date or for the periods indicated nor does it
purport to project net sales for any future periods or as of any
date. A reconciliation of non-GAAP pro forma net sales to net
sales, which is the most directly comparable financial measure
calculated in accordance with GAAP, for each quarter in 2021 and
2020, is as follows:
Net Sales in 2021
Three Months Ended
Actual
Culture Kings
Pro Forma
March 31
$
68,779
$
51,263
$
120,042
June 30
149,227
—
149,227
September 30
161,762
—
161,762
December 31
182,423
—
182,423
$
562,191
$
51,263
$
613,454
Net Sales in 2021
Net Sales in 2020
Growth Rate
Three Months Ended
Pro Forma
Actual
Culture Kings
Pro Forma
Actual
Pro Forma
March 31
$
120,042
$
35,006
$
25,586
$
60,592
96.5
%
98.1
%
June 30
149,227
46,793
38,179
84,972
218.9
%
75.6
%
September 30
161,762
63,336
48,713
112,049
155.4
%
44.4
%
December 31
182,423
70,781
56,654
127,435
157.7
%
43.1
%
$
613,454
$
215,916
$
169,132
$
385,048
A reconciliation of non-GAAP pro forma net sales to net sales,
disaggregated by geography, which is the most directly comparable
financial measure calculated in accordance with GAAP, for the three
months ended September 30, 2021 and 2020, is as follows:
Three Months
Ended
September 30, 2021
Three Months Ended September
30, 2020
Growth Rate
Actual
Actual
Culture Kings
Pro Forma
Actual
Pro Forma
U.S.
$
76,435
$
37,648
$
3,989
$
41,637
103.0
%
83.6
%
Australia
63,831
19,707
40,017
59,724
223.9
%
6.9
%
Rest of world
21,496
5,981
4,707
10,688
259.4
%
101.1
%
Total
$
161,762
$
63,336
$
48,713
$
112,049
____________________ 1 See additional information at the end of
this release regarding key operating and financial metrics and
non-GAAP financial measures. 2 In order to provide a framework for
assessing the performance of our underlying business, excluding the
effects of foreign currency rate fluctuations, we compare the
percent change in the results from one period to another period
using a constant currency methodology wherein current and
comparative prior period results for our operations reporting in
currencies other than U.S. dollars are converted into U.S. dollars
at constant exchange rates (i.e., the rates in effect on December
31, 2021, which was the last day of our prior fiscal year) rather
than the actual exchange rates in effect during the respective
periods. 3 The Company has not provided a quantitative
reconciliation of its Adjusted EBITDA outlook to a GAAP net income
outlook because it is unable, without making unreasonable efforts,
to project certain reconciling items. These items include, but are
not limited to, future equity-based compensation expense, income
taxes, interest expense and transaction costs. These items are
inherently variable and uncertain and depend on various factors,
some of which are outside of the Company’s control or ability to
predict. See additional information at the end of this release
regarding non-GAAP financial measures. 4 Trailing twelve months. 5
Metrics “across a.k.a. Brands” assume we owned Culture Kings for
all periods presented.
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