Secretsales operating losses narrow

Flash sales website Secretsales has narrowed operating losses as the company reported a jump in full year revenue and expects to be profitable by the fourth quarter of this year.

The company said that over the year ended December 2013, revenue increased 68% to £18.2 million. Operating losses fell by 10%, despite a year of investment, the company said.

Over the year, the company said 50% of revenue came from mobile devices, from 35% in 2012.

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“We delivered another year of strong sales growth in 2013, following the 89% growth seen in Q4 2012, as we invested in integrating new technologies, optimised customer personalisation and launched a new and innovative customer loyalty programme,” said Secretsales CEO Nish Kukadia.

“This has resulted in enhanced customer retention, increased order size and value, an expanded database of registered members and stronger conversion of customers into repeat buyers.”

Kukadia forecasts the business to move into profitability from the fourth quarter of the year, as the company said sales for the first seven months of the year have increased 40%.

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