Noni B posts positive revenue growth
Women fashion chain, Noni B, posted positive growth in revenue for the half year ending December 25, 2016, which already includes a four-month contribution from the recently acquired Pretty Girl business.
The retailer reported group total revenue increase to $143 million for the half and positive growth in like-for-like sales, notwithstanding the exclusion of Boxing Day from the half.
The group posted $14.3 million EBITDA for the half, and statutory after-tax profit of $2.5 million reflecting the after-tax impact of one-off transaction and restructuring costs.
“We are particularly pleased to have achieved like-for-like sales growth and margin improvement in what has been a highly competitive and challenging market,” said Scott Evans, managing director of Noni B Group.
Evans added the transition of the Pretty Girl brands delivered a credible result for the first four months under the Noni B Group ownership.
“It’s still early days in terms of our ability to significantly improve the Pretty Girl brands, but we are pleased with the early indications,” he said. “In this transition year, we managed to achieve a small like-for-like sales improvement and much improved second quarter in the business, after managing the inventory issues in a number of key categories that we identified at the time of acquisition.”
Evans said they are expecting the Pretty Girl brands, which the group acquired in September last year, to show continued improvement as they apply the key operational initiatives that have led to the successful operational turnaround of Noni B.
“Looking forward, we will take the strategies successfully implemented at Noni B across the broader portfolio of brands, driving benefits and efficiencies from scale and sourcing in a larger retail business,” said Richard Facioni, Noni B Group chairman.