Afterpay sales up 400 per cent in the third quarter

Afterpay sales up 400 per cent in the third quarter

Buy-now pay-later tech solution Afterpay Touch Group (ASX: APT) has recorded another strong result with sales up 400 per cent in the latest quarter.

In a business update released on Wednesday, Afterpay says more than $1.45 billion of total underlying sales were processed through the Afterpay platform in the first three quarters of FY18.

The value of total sales is up significantly from the same time last year when the company recorded $290 million during the first three quarters of FY17.

Afterpay's in-store option has also seen considerable growth this year, as more than 7000 individual shopfronts, including all stores operated by Super Retail Group (ASX: SUL), now offer the Afterpay solution at the checkout.

In-store sales processed through the platform during 3Q18 significantly outperformed the prevoius quarter 21 per cent, a surprising result considering 2Q18 was largely backed by the Christmas trading period.

Afterpay has revealed a string of retailers that in 3Q18 signed up to use the platform. They include Catch Of The Day, RedBalloon, Petbarn and Lululemon.

The company says its preparation for a US launch is proceeding according to plan, with further information about the expansion to come during May.

There are currently 1.8 million customers on the Afterpay platform, growing at 3,300 new customers every day.

The group says it has been working with "a large international bank" to establish a $200 million warehouse receivables funding facility to sit alongside the NAB $350 million warehouse receivables funding facility in Australia.

The company says the new facility is being pursed to "enhance funding diversification and leverage global banking opportunities".

Shares in Afterpay Touch Group are down 4.12 per cent to $5.70 per share at 11.28am AEDT.

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

Business News Australia

Enjoyed this article?

Don't miss out on the knowledge and insights to be gained from our daily news and features.

Subscribe today to unlock unlimited access to in-depth business coverage, expert analysis, and exclusive content across all devices.

Support independent journalism and stay informed with stories that matter to you.

Subscribe now and get 50% off your first year!

Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
Etoro
Advertisement

Related Stories

Domino's to shutter 100 stores after crusty results

Domino's to shutter 100 stores after crusty results

The board of Domino's Pizza Enterprises (ASX: DMP) waited until...

Accolade Wines owner buys French giant Pernod Ricard’s global wine assets

Accolade Wines owner buys French giant Pernod Ricard’s global wine assets

Australian Wine Holdco, a consortium that owns the country’s ...

Aussie boxing franchise UBX to enter United Arab Emirates

Aussie boxing franchise UBX to enter United Arab Emirates

Brisbane-based boxing franchise UBX has announced its eighth intern...

Zip Co raising up to $267 million to pay down debt

Zip Co raising up to $267 million to pay down debt

With shares in buy-now pay-later giant Zip Co (ASX: ZIP) now tradin...