LONDON – Net-a-porter Group swung into the black for the fiscal year ended March 31, posting a net profit of 1.8 million pounds, or $2.9 million, on the back of a 22.8 percent rise in sales, according to its latest filing with Companies House in the U.K.

The luxury e-tailer, which is set to merge with Yoox Group later this year, said sales hit a record 654.1 million pounds, or $1.05 billion, with strong growth across all three of its Web sites – Net-a-porter.com, The Outnet and Mr Porter.

All figures have been converted at constant exchange rates from the periods to which they refer.

In the statement, that went live on Companies House site on Sunday, June 14, Net said the strongest growth came in the final quarter of the year, with sales increasing 33 percent.

The move into profit – after years of losses – came partly from an improvement in gross margin to 45.3 percent from 44.1 percent as a result of improved full-price sell-throughs, in particular from the new Hong Kong distribution center. It also derived from investments in infrastructure; tighter cost controls and rising sales.

In the previous year, Net-a-porter reported a net loss of 13 million pounds, or $20.7 million.

As reported in November, Net-a-porter tipped into profitability in the first half, while sales growth exceeded the average at its parent company Compagnie Financière Richemont.

In the statement, the site’s founder and chairman Natalie Massenet, who will become executive chairman of the new Yoox Net-a-porter Group in September, said the company had grown beyond what she had ever envisaged under the tenure of Mark Sebba, who retired as chief executive officer last year after more than a decade with the company.

She said the next 15 years of the business will be about “collaboration between retailers and brands, and collaboration between and among consumers. This is where the future of fashion lies.”

Massenet added that Net would strive to remain “one step ahead of the game…an authoritative industry voice and guarantee best-in-class service” to its customers and brand partners.

The statement said 45 percent of Net’s revenue derives from Europe, 31 percent from the U.S. and 24 percent from Asia and the rest of the world. During the 12 months, the U.S. and the U.K. grew by 27 percent and 24 percent, respectively.

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