Trans-Tasman apparel retailer Mosaic Brands says sales increased 23 per cent during its first half as customers resumed in-store shopping.
Mosaic Group’s brands include Katies, Millers, Noni B, Rivers, Rockmans, Crossroads, Autograph, W.Lane, EziBuy and BeMe.
For the half year to January 1, the group’s earnings before interest, tax, depreciation and amortisation reached $15.8 million, up 195 per cent year on year.
Comparable store growth improved by 12 per cent while online sales grew 0.3 per cent year-on-year.
Group CEO Scott Evans, said throughout the half customers returned to in-store shopping.
“A reformed business cost structure and online sales revenue from our omnichannel brands that did not decline from Covid highs, allowed the group to achieve comparable store growth resulting in an EBITDA 195 per cent higher than the prior period.”
For the first six weeks in the second half, in-store comparable sales are up 33 per cent compared to the previous corresponding period. The company says it plans to open 130 new stores during the next year.
- Further reading: As sales soar, Mosaic Brands plans 130 more stores.
