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- Australian grooming retailer Shaver Shop Group (SSG) has seen a 22.3 per cent increase in sales so far in the second half of FY20
- Sales increased over all channels, with online growing the most at 164 per cent, equalling almost 32 per cent of all sales seen this half
- All seven of the company’s New Zealand stores are now open, as well as 112 of 116 Australian retailers
- Despite cancelling its interim dividend in February, Shaver Shop has announced a new of 2.1 cents per share, 80 per cent franked, which is the same as the previous one
- Finally, the company expects its revenue for FY20 to be in the range of $190 to $195 million, which is an increase of more than $22 million from last year
- Shaver Shop has jumped 13.7 per cent and shares are trading for 70.5 cents each just before market close
Australian grooming retailer Shaver Shop Group (SSG) has seen a 22.3 per cent increase in sales so far in the second half of FY20.
Sales increased over all channels with online growing the most at 164 per cent, equalling almost 32 per cent of all sales seen this half.
“Shaver Shop’s omni-retail investments have continued to support significant growth over the last three months. This has been a very pleasing outcome and provides further confidence that our omni-retail strategies will continue to drive growth in FY21,” CEO and Managing Director Cameron Fox said.
“I would like to acknowledge the amazing contribution of our team, who have continued to serve customers with excellence throughout this challenging period,” he added.
Re-opening of stores
Stores are gradually re-opening in both Australia and New Zealand, with 112 of 116 Australian stores now open, as well as all seven in New Zealand.
Special dividend
As a result of the coronavirus, the Board made the decision to cancel the interim dividend of 2.1 cents per share, 80 per cent franked in February.
However, the company today announced a special dividend equivalent to the cancelled one of 2.1 cents per share, 80 per cent franked.
This dividend is expected to be paid on July 16 2020, and more information regarding this will be announced in due course.
FY20 guidance
Also resulting from COVID-19, Shaver Shop withdrew its FY20 earnings guidance, but sales have carried on from the positive first half.
Given the strong sales experienced, Shaver Shop expects its FY20 revenue to be in the range of $190 and $195 million, compared to last years’ $167.4 million.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) is expected to be in the range of $17.25 and $18.25 million, a 28 to 35 per cent increase from $13.5 million in FY19.
Shaver Shop has jumped 13.7 per cent and shares are trading for 70.5 cents each at 4:06 pm AEST.
