AFTERPAY BOOKS MASSIVE QUARTERLY SALES RISE

AFTERPAY BOOKS MASSIVE QUARTERLY SALES RISE

PAYMENT services provider Afterpay Touch Group (ASX: APT) is reporting a massive quarterly increase in sales following some high profile partnerships with major retail players.

The company generated $367 million in first quarter sales for 2017-18, up from $271 million in the fourth quarter of FY17.

These numbers come off the back of recent partnerships with Target, Luxottica, and Petbarn, who all recently adopted the delayed online payments system.

The lay-by service now says its underlying annualised sales are on track to surpass $1.5 billion as more brands sign up to the platform.

The company now has more than 8,600 merchants on the platform, up by 2,600 from June 30.

More than 1.1 million customers now use the service, up from 841,000 at June 30, with 3,000 new customers coming on board every day.

The company says it is reinvesting its earnings into a growth agenda.

"We continue to invest strongly in the Afterpay growth agenda which is becoming increasingly apparent," says Afterpay CEO Nick Molnar.

"We are focused on progressively extracting merger synergies but at the same time adding resources and infrastructure capabilities to underpin growth opportunities."

After the company expanded into the New Zealand market earlier this year with a partnership with Trade Me, the company has extended their reach. The company now boasts brands like Overland, Kathmandu, Smith & Caugheys and Fishpond in the New Zealand market.

The company anticipates its in-store footprint will triple in size before the Christmas period to well over 4,000 stores.

In September, Jetstar became the first Australian airline to introduce the Afterpay system as a payment option for domestic flights. According to Afterpay, customer feedback from this partnership has been "very positive".

At the time of writing, shares in Afterpay Touch Group are up 8.3 per cent to $5.09.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

How communications technology can raise the bar on customer service, employee experience
Partner Content
From capturing feedback early to providing messages with a higher rate of cut-through, ...
Advertisement

Related Stories

Apollo to divest large share of motorhome fleet to get Tourism Holdings merger over the line

Apollo to divest large share of motorhome fleet to get Tourism Holdings merger over the line

In an effort to appease Australian and New Zealand regulator concer...

Dexus awards John Holland building contract in $2.1b Waterfront Brisbane project

Dexus awards John Holland building contract in $2.1b Waterfront Brisbane project

After securing an $830 million contract from Dexus (ASX: DXS), Melb...

Atturra looks to become an IT powerhouse after acquiring MOQ for $15.5 million

Atturra looks to become an IT powerhouse after acquiring MOQ for $15.5 million

Atturra (ASX: ATA) is looking to become one of the nation&rsqu...

Body Fit Training questions latest trademark move from competitor F45

Body Fit Training questions latest trademark move from competitor F45

After claiming victory in a four-year legal stoush with fitness fra...