Trans-Tasman apparel retailer Mosaic Brands says this year has been the “most difficult period” to date for the group. It has reported a net loss of $11.154 million.
Mosaic Group’s brands include Katies, Millers, Noni B, Rivers, Rockmans, Crossroads, Autograph, W.Lane, EziBuy and Beme.
For the year to July 3, the business delivered an EBITDA loss of $16 million while comp sales were down 1.7 per cent year on year.
Online sales contributed 36 per cent of sales, or $223 million, partially compensating for the almost 50,000 trading days lost during the first half.
Third-party product sales yielded $28.4 million which is an increase of 58 per cent compared to the previous period.
Mosaic Brands CEO Scott Evans said positive sales trends in the fourth quarter have accelerated into the new financial year.
“Covid has not disappeared in the community but the fear around it has clearly diminished with the continued return of in-store customers seen in June. It is also very positive that while we are seeing this return to in-store shopping, we are still achieving online growth for the majority of our brands.”
For the first eight weeks of FY23, the business has registered a 49 per cent increase in sales with July showing the strongest in-store footfall. The company expects to return to profitability next year as major Covid-related challenges subside.
