Retailer Shaver Shop (ASX: SSG) has seen its profit grow by more than 85 per cent in the first half, lifted as online sales more than doubled.
Total sales at the personal grooming and beauty retailer grew by 15 per cent in the half to $123.6 million, with a significant contribution of $37.6 million from online sales - up by 102 per cent year-on-year.
As such, the company's NPAT was boosted by 85.5 per cent to $14.2 million, up from $7.6 million in 1H FY20.
Shaver Shop CEO and managing director Cameron Fox said the company's "outstanding" first half was the result of a focus on its e-commerce platform.
"This is an outstanding first half result, which is a record for Shaver Shop and shows the overwhelming success of our online strategy," Fox said.
"It also highlights that we are now a successful omni-retailer, given the ongoing performance of our stores.
"Online sales doubled in the first half while we continued to deliver exceptional levels of in-store customer service."
With $41.1 million cash, zero debt, and 24 months of consecutive like for like sales growth, Fox said SSG was in the "strongest shape it has ever been in".
"So, whilst we are very proud of our first half results, we are even more pleased in our ability to deliver ongoing sales growth each month for the past two years," he said.
The company has announced a 3.2 cents per share fully franked interim dividend for shareholders.
SSG is continuing its strong run in the second half, with total sales up 17.3 per cent in the first six weeks of the period.
"The start to the second half has been very encouraging with the trends towards online shopping and DIY personal care continuing to be key growth drivers for Shaver Shop," Fox said.
"Stock levels for our top selling lines are in good shape, supplier relationships remain strong, and with the highly accretive acquisition and integration of our six franchises we remain strong."
Shares in SSG are down 1.26 per cent to $1.18 per share at 11.12am AEDT.Never miss a news update, subscribe here. Follow us on LinkedIn, Instagram and Twitter.
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