Mosaic Brands shows promising revenue growth from online sales
Mosaic Brands has seen strong revenue acceleration despite pandemic challenges over the past six months.
The parent company of ASX-listed retail chains including Noni-B, Katies, Rivers and Rockmans says online sales reached $119 million, up 21% year-on-year and accounted for around 40% of total group sales of $298 million.
Mosaic Brands CEO Scott Evans said the finding highlights a global trend of consumers over the age of 50 embracing the online channel.
He said stores have noticed a consistent pattern of customers hesitating to shop in-store during the pandemic and returning to stores when it’s safe to do so.
“This online growth is driven by our increased investment in digital talent and our continued drive to increase the number of third-party SKUs we offer on our sites from 200,000 to over 3.5 million spanning 20 categories. in just two years,” he said.
“Across the group, we have lost just under 50,000 store working days this semester by complying with Covid-related health orders or independently deciding to close stores for the health and safety of our team and our customers.”
The company expects to end the first half with an EBITDA of approximately $8 million.
Although the Covid Omicron variant has impacted mall footfall, the resetting and inventory planning undertaken by the company has meanwhile prepared it to ride out the wave.