Shaver Shop updates Christmas trading figures
After forecasting lower-than-expected sales for the six months to December 31, specialty grooming products retailer Shaver Shop has now provided an update to its Christmas trading figures.
Sales for the half year ending 31 December 2016 were $78.5 million compared to $62.2 million in the prior corresponding period. Total corporate store retail sales in December were $27.8 million.
Shaver Shop in October forecast sales of about $29.5 million but updated its guidance in late December to between $26.0 million and $28.0 million.
Like-for-like sales growth over the first half was -0.5 per cent, largely due to lower sales of hair styling products over the Christmas trading period.
In its statement to investors at the end of 2016, the specialty retailer said it had seen strong sales growth in a range of key product categories including long term hair removal, female beauty and men’s electric shaver on the back of new product releases and category expansion initiatives, however this had not been sufficient to offset weakness in the hair styling category, which was stronger in the prior corresponding period.
“Importantly, if the sales contribution from the Queensgate store and the hair styling category are removed from this year and [prior corresponding period], like-for-like store sales have increased 4.5 per cent in December month to date,” the company said.
“As such, we believe that the softness in trading is isolated to a small number of issues. We remain confident that our organic growth, buyback and greenfield expansion strategies will lead to increased shareholder value over the medium to long term.”
Shaver Shop will provide more information when it releases its half yearly results.