Trans-Tasman apparel retailer Mosaic Brands expects sales of around $519 million for this financial year, an increase of 6.2 per cent compared to FY22.

In a trading update of unaudited accounts, the company said it expects an EBITDA profit of $17 million, a $33 million turnaround from FY22, when it reported EBITDA loss of $16 million.

Although online sales fell 6 per cent compared to the previous period, it represented 20 per cent of total turnover. Meanwhile, store-only comparable sales grew 9.6 per cent in the period.

“As one of the most impacted retailers throughout Covid, it is great to see it well and truly in the rear-view mirror, said Mosaic CEO, Scott Evans.

“Our customers are not immune to the inflationary and interest rate pressures in the economy, but neither are they most exposed to them.”

“Clearly over-50 consumers have become more cautious in the last six months, but they are still spending.”

The group says it has achieved this result after absorbing increased costs of purchasing goods, higher logistics costs, and an unfavourable US dollar.

Audited results will be published next month.

• Further reading: Mosaic Brands puts EziBuy business into administration.