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- Retailer Universal Store (UNI) records total sales of $208 million for FY22, down 1.4 per cent year on year (YoY)
- The company recorded a 15.6 per cent drop in statutory net profits to $20.6 million
- Due to the mandated closure of 33 stores, online sales grew 38.6 per cent to $35.7 million, representing 17.2 per cent of total sales
- Over the first eight weeks of FY23, total sales were up 54.7 per cent from the prior corresponding period to $12.5 million while group LFL sales were up 5.4 per cent
- Shares in Universal Store are down 3.11 per cent and trading at $4.99 just before market close
Retailer Universal Store (UNI) tabled total sales of $208 million for FY22, down 1.4 per cent year on year (YoY).
Sales declined 8.2 per cent in the first half but grew 7.4 per cent in the second half.
The company said that FY22 was a “tale of two halves” as the first half was heavily affected by forced store closures and COVID-19.
“Conditions in H2 progressively recovered with sales and foot traffic improving month on month as restrictions eased and social events and gatherings re-emerged,” CEO Alice Barbery said.
Despite growth of 28.5 per cent in FY21, group like-for-like (LFL) sales decreased three per cent YoY.
Notably, online sales grew 38.6 per cent to $35.7 million and represented 17.2 per cent of total sales.
Universal Store recorded a gross profit of $121.3 million, down 2.1 per cent YoY, while underlying earnings before interest were down 29.8 per cent YoY to $30.9 million.
Universal Store recorded 15.6 per cent drop in statutory net profit after tax (NPAT) to $20.6 million while underlying NPAT was down 30.6 per cent YoY to $21.1 million.
The company credits the decreases to mandated store closures in H1 with 33 stores impacted and 3192 trading days lost.
Universal did however open 11 new stores in FY22 and had 78 stores and two web stores as of June 30.
The board of Universal Store have declared a final dividend of 10.5 per cent per share payable on September 29, bringing the total FY22 dividend to 21.5 cents per share.
As of June 30, Universal Store had $23.9 million in cash, up from $18.6 million in FY21.
Over the first eight weeks of FY23, total sales were up 54.7 per cent from the prior corresponding period (pcp) to $12.5 million while group LFL sales were up 5.4 per cent.
Further, Universal Store expects to open five new stores and resize two in the first half of FY23.
Shares in Universal Store were down 3.11 per cent on the market and were trading at $4.99 just before market close.
