- Australian retailer Universal Store (UNI) expects to achieve an underlying earnings before interest and taxes (EBIT) of between $30 and $31 million for the first half of Fy21
- This would mean a growth of between 61 and 67 per cent from the first half of FY20
- While full results will be released in late February, the trend-led fashion company saw half-year sales jump by 24 per cent to $118 million
- According to CEO, Alice Barbery, this represents Universal’s ability to operate and excel in an unpredictable trading environment
- Shares gained 14.4 per cent on this news, to end the day trading at $5.89
Universal Store (UNI) has announced it expects to see a growth of between 61 and 67 per cent in its underlying earnings before interest and taxes (EBIT).
Specifically, the fashion company is anticipating an underlying EBIT for the first half of the 2021 financial year (H1 FY21) to be between $30 million and $31 million. This would mark a considerable growth from the prior corresponding period, being the first half of FY20.
Alice Barbery, CEO of Universal Store, is confident that despite trading changes due to COVID-19, financial results will see a climb from the prior corresponding period.
“Despite a significant period of disrupted trade in Melbourne and to a lesser extent Adelaide and Sydney the results delivered across the first half of FY21 are well ahead of the results delivered in the prior corresponding period,” Alice said.
“This not only highlights the ability of our team but also our agility to operate in what has been an unpredictable trading environment,” she added.
Universal based this guidance on preliminary unaudited financial results for the period. However, full results for the first half will be released on February 25.
Regardless, it seems the youth-focused retailer may indeed meet its EBIT target after seeing its half-year sales jump to $118 million — a 24 per cent gain on the comparative period.
Universal Store is a leading Australian trend-led fashion retailer that operates 65 physical stores across the country. Universal made its debut on the ASX in November last year, after issuing shares at an initial offer price of $3.80.
Shares gained 14.4 per cent on this news, to end the day trading at $5.89 per share.