Online luxury retailer Cettire experienced a decline in net profit after tax, which dropped 34% to $10.5 million compared to $16 million in the previous year.
Cettire attributed the shortfall to aggressive discounting by struggling competitors and noted that trading conditions are expected to remain weak in FY25.
The company reported an increase in its annual revenue, with figures jumping 78% for the fiscal year ended June 30.
Revenue from ordinary activities rose to $742.3 million from $416.2 million, fuelled by a surge in active customers and order volumes.
The company's adjusted EBITDA margin was 4.4%.
CEO Dean Mintz commented on the milestone, stating, "Cettire's business model continued to gain momentum across its key drivers of growth, including active customers growing to 692,287, with record active customer net adds in FY24."
The company attributed its strong revenue growth to increased market penetration and expansion into emerging markets, including the launch of a domestic China platform.
Cettire noted a global softening of the personal luxury goods market, particularly in the fourth quarter, characterised by promotional activity and increased customer refunds.
Cettire ended the period with a cash balance of $79 million and zero financial debt, reinforcing its financial stability.
The company plans to continue focusing on its strategic objectives, including localisation efforts, enhancement of proprietary technology, and expansion into new markets in FY25.
The company confirmed that no dividends were declared or paid for the year.
The company plans to increase its presence in emerging markets and enhance its product offerings with multi-language, currency, and payment options.