Australian retailer The Iconic has released reports on its previous financial year with mixed results.
The brand reported an over 38 percent rise in revenue in 2018, rising to $392.19 million. However, due to a dramatic increase in spending the company’s recorded profits did not reflect the same success. The Iconic posted a net loss of $19.37 million.
The brand has expressed its hopes that 2018’s dramatic spending will have positive carryover effects into 2019, where they hope to have a profitable year.
2018’s loss was dominated by sales and marketing costs, which increased by 33.6 percent. However, the push seemed to be successful as they recorded record traffic and a double-digit market share thanks to their over 1000 brands they have signed.
While the brand may not have reported profitability, the future is looking promising as they continue to make progress on their market presence.