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- Retailer Shaver Shop Group’s (SSG) shares are on the rise today after reporting a positive start to the 2021 financial year (FY21)
- For the second quarter of FY21, sales have increased by 12.4 per cent in total and 13.7 per cent on a like-for-like basis
- Shaver Shop says the growth is fuelled by online sales, which grew 64.7 per cent over the December quarter
- Over FY21 to date, the company has seen its online sales grow 102 per cent
- Importantly, gross profit margin is expected to increase more than 200 basis points across the first half due to Black Friday, Christmas and Boxing Day trading
- On the market today, Shaver Shop is up 9.43 per cent and trading at $1.16 per share
Shaver Shop Group’s (SSG) shares are on the rise today after reporting a positive start to the 2021 financial year (FY21).
The personal grooming and beauty retailer has seen growth in all key sales categories.
For the second quarter of FY21, sales have increased by 12.4 per cent in total and 13.7 per cent on a like-for-like basis. The growth has come from online sales, which grew 64.7 per cent over the December the quarter.
Overall, in the first half of FY21, online sales grew 102 per cent, which was the key driver in delivering like-for-like sales growth of 17.3 per cent and total sales growth of 15.2 per cent.
Notably, online sales represented around 30.3 per cent of total sales in the first half of FY21.
Importantly, gross profit margin is expected to increase more than 200 basis points across the first half of FY21 as the company took advantage of Black Friday, Christmas and Boxing Day trading.
Managing Director and CEO Cameron Fox is proud of the team and Shaver Shop’s first-half performance.
“Shaver Shop has now delivered 24 months of consecutive like for like sales growth, underpinned by the accelerating trends towards DIY personal care solutions,” he said.
“Our customer database now exceeds 600,000 members and our online sales
more than doubled in the first half to $37.5 million reflecting our position as the leading omnichannel retailer in our core categories,” he added.
On the market today, Shaver Shop is up 9.43 per cent and trading at $1.16 per share at 1:13 pm AEDT.
