Thanks to franchises and growth in overall store network.
Australian personal grooming specialty retailer Shaver Shop generated strong sales growth, up 68.7% to $126.7 million and grew pro forma EBITDA 75.6% to $12.6 million, driven by buyback franchises, an increase in overall store numbers, and strong like for like sales growth.
Commenting on the results, managing director and CEO, Cameron Fox (pictured) said, “Shaver Shop’s 2016 full year result is pleasing and reflects the continuation of the company’s successful strategy that we have been executing over the last five years.”
Shaver Shop opened 16 new stores across Australia and New Zealand growing the store network to 100. The retailer also continued to increase its penetration into the wet shave, hair styling and power oral care categories.
In particular, hair removal sales were up 11.8%, despite weakness in female long term hair removal and men’s electric shaving due to relatively low levels of innovation for the 2015 Christmas season.
However, hair care and power oral care grew strongly on the back of strong innovation and promotional campaigns, while air purification and massage categories experienced a decline.
Commenting on the outlook for the 2017 financial year, Fox said, “With the successful ASX listing now complete, we are back in business building mode. Our strategy has not changed so I am pleased to report that since 30 June, like for like sales have been in line with our forecasts. We have bought back four franchise stores and now have definitive plans to open eight new store locations this financial year.”
“We are investing in new stores, an improved online customer experience, as well as increased training for our staff through our new national training facility,” he added.