Shaver Shop Cashes In On DIY Hair Bonanza During Pandemic
Personal grooming retailer Shaver Shop is set to nearly double its profits in the first half of the 2020-21 financial year thanks to the unprecedented surge in at-home haircare during the COVID-19 shutdown.
In the six months to December 2020, the retailer’s online sales grew by a mammoth 102% to $37.5m, with a total sales growth of 15.2% across its online channels and 120 physical stores.
In a statement to the ASX, Shaver Shop said it expects its net profit after tax to fall between $13.5 and $14m for the first half of the financial year, nearly doubling the $7.6m booked in the same period last year.
Following the announcement, Shaver Shop’s share price jumped by 18% to reach record highs of $1.25 per chare when the market opened on Monday.
Commenting on Shaver Shop’s first half trading results, Managing Director and CEO Cameron Fox said: “I am exceptionally proud of our team and our first half performance. Shaver Shop has now delivered 24 months of consecutive like for like sales growth, underpinned by the accelerating trends towards DIY personal care solutions.
Our customer database now exceeds 600,000 members and our online sales mor than doubled in the first half to $37.5 million reflecting our positioning as the leading omni channel retailer in our core categories.”