Huge success in female beauty.
Shaver Shop has posted record sales and earnings for the half year, with total sales up 19% to $93.4 million and like-for-like corporate store sales up 5.5%. Following investments in its website and increased social media marketing, the retailer grew online sales by 66.6% to now represent 10% of total sales.
A key initiative behind the growth was Shaver Shop’s increased relevance to female customers through the addition of beauty and hair styling brands including Dyson SuperSonic hair dryer, Veet, Scholl, StylPro, Foreo and Dafni. As a result, the female beauty category experienced growth of 388% over the first half. There will be another major female brand introduced in the second half of the financial year and a new ‘own-brand’ range within the skincare segment.
Shaver Shop managing director and CEO, Cameron Fox said, “We are pleased to have delivered record sales and earnings despite the challenging retail environment. We have a robust business model and are excited by the opportunities we see for the group.”
The corporate store network grew to 106 stores over 1H FY18 with 100 stores in Australia and six in New Zealand. Shaver Shop also has nine franchise operated stores. “We continued to execute our greenfield store and franchise buyback programs in the first half. Seven new stores were opened and we acquired four franchises. We have also locked in one new store to open late in the second half,” Fox said.
Having regard to the 1H FY18 result and the company’s recent trading performance, Shaver Shop expects its full year normalised EBITDA to be in the range between $13 million and $15.5 million.