Shaver Shop Profit Soars By 86pc To $14.2m, Online Sales Double
Australian personal grooming retailer Shaver Shop Group announced its half-year financial results, with profit skyrocketing by 85.5 per cent to $14.2 million.
The specialty shop enjoyed a revenue spike of 15 per cent to $123.6 million while corporate store online sales doubled to $37.6 million – 30.4 per cent of total sales.
Shaver Shop will pay an interim dividend of 3.2c per share on March 25, a 52.4 per cent increase.
The company’s strong results were largely in part to a personal grooming sales boom during lockdown as hairdressers and beauty salons were forced to shut down.
Shaver Shop generated $41.5 million in operating cash flow (up 41.7 per cent) and finished the half with $41.1 million in cash and zero debt.
Managing director and CEO Cameron Fox said of the results: “This is an outstanding first half result, which is a record for Shaver Shop and shows the overwhelming success of our online strategy. 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. Shaver Shop is in the strongest shape it has ever been in. We have strong cash flow, $41.1 million cash and zero debt, and for our shareholders we have now delivered 24 months of like for like sales growth.”
Due to the uncertainty caused by the ongoing pandemic, Shaver Shop did not consider it appropriate to provide FY2021 sales and earnings guidance.