Like for like sales across Mosaic Brands’ network fell 10 per cent during the last quarter, as a majority of its stores remained closed across Australia.
Online performance, however, rose 25 per cent, with online revenue hitting $52 million for the first quarter: the highest online result recorded for the group.
The business, which owns and operates, Millers, Noni B, W Lane, Katies, Rockmans, Crossroads, Autograph, Beme, Rivers and, as of September, Ezibuy, now expects a “strong rebound” in the second half of the year – when it expects its store network and online offer will be trading together again for the first time since Q4FY21.
Mosaic also said its recent $32 million capital raising provided it the support it needed to navigate the shutdown of over 65 per cent of its network due to lockdowns, as well as the “traditional net cash outflows” that occur in the women’s clothing sector in September.
Mosaic’s purchase of Ezibuy was finalised in October, when chief executive Scott Evans said the acquisition would double its online revenue.
“We continue to see this channel accelerate with many customers moving to online & EziBuy is a natural fit for the Group and has a strong growth plan to deliver on,” Evans said.