Afterpay : Underlying Sales Hit Monthly Record, In-Store Use Rises

By Stuart Condie

SYDNEY--Afterpay Ltd.'s underlying sales hit a fresh monthly record at the start of the buy-now-pay-later provider's fiscal second quarter, while the relaxation of coronavirus restrictions lifted in-store usage in Australia and New Zealand.

Afterpay on Tuesday said October was a record month for underlying sales globally, with November performing better still.

Co-Chief Executive Anthony Eisen said in-store sales in Australian and New Zealand reached 23% of total sales in recent weeks as restrictions on trade and movement eased on lower numbers of new Covid-19 cases. He said online sales also continued to show strong growth in the region.

Afterpay last month said underlying sales for 1Q of fiscal 2021 more than doubled on a year earlier as it added 1.3 million new customers in the three months through September. It reported underlying sales of 4.1 billion Australian dollars (US$3.0 billion), compared with A$1.9 billion a year earlier.

Shares were 1.9% lower at A$99.43.

Write to Stuart Condie at [e-mail]

(END) Dow Jones Newswires

11-16-20 1837ET