Adore Beauty’s trading profit doubles on small sales increase
Adore Beauty Group posted higher earnings before interest and taxes in the fiscal first half ended December 31.
The beauty retailer’s EBIT soared 98 per cent year over year to $4.7 million, with an EBITDA margin of 4.5 per cent. Sales rose 2.3 per cent to $103 million, and the company achieved a record gross margin of 36.2 per cent.
However, its net profit attributable to shareholders declined 36.6 per cent to $628,000 after including one-off restructuring and acquisition costs of $2.2 million.
“We remain focused on continued expansion of gross margins through growth of our owned brands, further growth of retail media, refined promotional cadence and disciplined inventory management,” said Sacha Laing, Adore Beauty CEO.
“As we expand margins, grow our online channels and store network we are well placed to deliver a material step change in both revenue and profit growth over the next three years.”
In November, Adore Beauty disclosed its new three-year strategy toward revenue growth, which includes establishing a national retail store network of more than 25 stores across its Adore Beauty and Ikou brands.
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