Shaver Shop’s Online Sales Up 164% During COVID-19
Shaver Shop has witnessed surging growth during COVID-19 lockdowns, particularly on its online channels, with online sales increasing by 164% in H2 FY20 to date.
Online sales represented roughly one third of the total over this period.
Over the whole of FY20 to date, Shaver Shops online sales rose by 105%, compared to 16.3% growth across its total sales.
As a result, Shaver Shop estimates that its total revenues in FY20 will amount to $190-195 million, compared to $167.4 million last financial year.
This is despite some of its stores being closed during the COVID-19 lockdowns. Now, 112 of its 116 stores in Australia are open.
In light of this strong growth, Shaver Shop is paying a special dividend of 2.1 cents per share on 16th July, replacing the interim dividend that was cancelled in February 2020.
“Shaver Shop’s omni-retail investments have continued to support significant growth over the last three months. This has been a very pleasing outcome and provides further confidence that our omni-retail strategies will continue to drive growth in FY21,” said Cameron Fox, CEO and Managing Director of Shaver Shop.
Yesterday Shaver Shop’s share price closed at $0.62.