Mosaic Brands (ASX: MOZ) has achieved a record $119 million in online sales for the first half of FY22 as its shoppers embrace the benefits of ordering through the web.
The group's investment into digital talent has resulted in 40 per cent of total revenue ($298 million) coming from its online operations, representing a 21 per cent increase compared to the same time last year.
Parent company to women’s retail chains Katies, Noni B, Autograph, Crossroads and Millers, the group also credits the jump in sales to its “relentless focus” on scaling the third-party stock keeping units (SKUs) offered on its sites, which have grown from 200,000 to more than 3.5 million in the past two years.
“This latest result further highlights the global trend of the over-50’s consumer embracing the online channel, with sales for the first half of FY2022 up 21 per cent for Mosaic Brands, including a record Black Friday sales period,” Mosaic Brands CEO Scott Evans explained.
“We remain on track to achieve our goal to offer over 8 million SKU’s by mid-2025.”
Mosaic’s comparable store sales also rebounded by one per cent as lockdowns ended throughout November and December, allowing shoppers to seek out gifts in time for Christmas.
Purchasing a 49.9 per cent stake in EziBuy late last year, the company reported a 10.6 per cent increase in sales for the e-commerce clothing and homeware store.
The company forecasts EBITDA for the first half to be within $8 million, which is 16 per cent above broker estimates and an increase of $9 million on the prior corresponding period (excluding JobKeeper).
Evans said throughout the pandemic a clear and consistent pattern had emerged of in-store customers hibernating when the news was bad but swiftly remerging to spend once they felt safer.
“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. That was more than double the trading days lost for the same period a year ago,” said Evans.
“Although the rapid spread of the new Omicron variant is currently impacting centre traffic, the reset and stock planning we’ve undertaken across the entire business means we’re well positioned and prepared to weather this latest wave.”
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