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Shaver Shop Profits Soaring

Shaver Shop profits have soared, despite the overall industry crashing recently due to the pandemic and other financial stresses.

Total sales for the second half to May 31 were up 5.7 per cent year-on-year, with comparable sales up 3.7 per cent, and online sales up 7.9 per cent.

For the full-year to May 31, total sales were up 3.9 per cent.

“I am extremely pleased with our second half results,” said chief executive Cameron Fox (pictured below).

“Customers are once again coming back to our stores after a disrupted shopping period due to Covid-19 restrictions.

“Our store teams are doing a fantastic job in delighting these customers as evidenced by our service metrics being at, or near, all-time highs. And while this has led to a moderation in online sales growth in the second half, I am very pleased that we are growing off the exceptional online results of fiscal 2021.

“What we are seeing is a shift in what they‘re buying, which is sort of what we expected. So, during the locked down periods we really benefited from salon and barber closures so with the hair clippers category sales through online increased significantly.

“What we are starting to see now is that categories like clippers is starting to normalise, but then categories like electric shaving, so clean shaving products that deliver a clean shave look, are now absolutely starting to take off again.

“So the logic is, yes, as people start to go back to the CBD, offices, they’re buying more tools that are basically delivering a clean shaven for the office environment.

“Wellbeing and personal care are top of mind for many consumers, and as a result, many of the products Shaver Shop sells are considered a non-discretionary purchase.

“Shaver Shop is increasingly being seen as the destination of choice for men’s and women’s grooming and personal care appliances with more than half of our year to date sales, and almost 60 per cent of our gross profit coming from products only available at Shaver Shop.”

 


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