Mosaic Brands shows promising revenue growth from online sales
Mosaic Brands has reported strong revenue acceleration despite challenges due to the pandemic during the past six months.
The ASX-listed parent of retail chains including Noni-B, Katies, Rivers and Rockmans, says online sales hit $119 million, up 21 per cent year on year and accounting for about 40 per cent of total group sales of $298 million.
Mosaic Brands CEO Scott Evans said the result highlights a global trend of consumers aged over 50 embracing the online channel.
He said stores noticed a consistent pattern of customers who were reluctant to make in-store purchases during the pandemic returning into stores when it was safe to do so.
“Underpinning this online growth is our increased investment in digital talent and our relentless focus to increase the number of third-party SKUs we are offering on our sites, which has grown from 200,000 to over 3.5 million covering 20 categories in just two years,” he said.
“Across the group, we have lost just under 50,000 store trading days during this half through complying with Covid-related health orders or deciding independently to close stores for the health and safety of our team and customers.”
The company expects to end the first half with EBITDA of about $8 million.
Though the Covid Omicron variant has impacted shopping-centre footfall, the reset and stock planning undertaken by the business meanwhile has prepared it to weather the wave.
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