Universal Store records sales uplift despite decline in core business
Fashion retailer Universal Store has posted group sales of $158 million for the first half of FY24, up 8.5 per cent year on year.
The core Universal Store business saw sales decline of 1.4 per cent to $133.2 million, but there were signs of improvement as the half progressed. The improving trend also continued into the first seven weeks of the second half.
CTC, which trades the Thrills and Worship brands, logged a sales improvement of 4.2 per cent to $25.3 million.
Sales of Perfect Stranger, the group’s standalone retail format, surged 59.7 per cent to $6.6 million.
Group underlying EBIT was $30.8 million, an 8.1 per cent increase from last year, and statutory NPAT was $20.7 million, up 16.7 per cent.
The retailer opened six new stores during the period, taking its store count to 100.
“The results in the half demonstrate our resilience and ability to manage our business as macro-economic conditions fluctuate,” said Alice Barbery, Universal Store Group CEO.
“Our team has successfully managed margins, inventory, and operating costs to deliver earnings growth in a difficult and subdued consumer spending environment.”
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