For the month of March.
Shaver Shop has provided a trading update for its third quarter, ended 31 March, 2017. Following a weak start to the quarter in January and February, Shaver Shop sales rebounded strongly in March leading to positive total same store sales growth for the third quarter.
On a year-to-date basis, like-for-like sales for the nine months ended 31 March, 2017, are now 1.3%. Based upon the significantly improved sales performance in March which has continued into April, the company now expects its FY17 full year EBITDA to be between $13.7 million and $15 million. This exceeds the top end of the guidance range of $12 million to $13.5 million at the time of 1H results.
In a statement to the ASX, Shaver Shop said, “A large portion of the recent sales uplift relates to customers buying selected products in our stores for resale to consumers in Asian markets. The board and management are closely monitoring this opportunity and seeking to both nurture and support the sales growth, whilst being cautious as this channel is notoriously difficult to predict and forecast.”
Shaver Shop also announced that it has entered into a binding agreement to acquire the Bondi Junction and Macarthur Square franchises.
“This brings the number of franchise buy backs in the current financial year to seven. The Bondi and Macarthur stores have been strong performers for many years and add two further quality sites to Shaver Shop’s corporate store network in NSW. Settlement is scheduled for 31 May, 2017,” the statement said.