The Reject Shop’s Sales Up 36% In The Past Week
From the 16th to the 22nd of March 2020 sales at The Reject Shop’s 354 stores were up 36.1% year-on-year.
This steep increase builds on the strong growth the company has registers over the past month, alongside the mounting panic buying that has accompanied the COVID-19 crisis.
On the 15th of March the company reported that sales had risen by 15.1% year-on-year over the three weeks prior.
The Reject Shop’s growth has been driven by strong category performances in groceries, cleaning, toiletries and pet care.
Like other retailers that have published strong sales results driven by COVID-19, its announcement on the ASX cautioned investors against assuming this trend would continue throughout FY20, given the fast-changing nature of the crisis.
Even though sales have increased, the company’s share price has continued to drop over the past month, in line with most listed companies. Today the TRS share price was down 1.12%, faring better than the ASX 200, which had fallen by 8.11% as of 12pm.
Andre Reich, CEO of The Reject Shop, said, “The Reject Shop will continue to serve all Australians through providing access to essential grocery and household products at everyday low prices, while doing everything we can to keep our customers and our team safe and healthy.”