Personal grooming products retailer Shaver Shop has seen a slight decline of 0.4 per cent in its total sales to $218.6 million in this financial year.

​The retailer’s gross profit was up 2.1 per cent to $99.5 million, with its gross profit margin at 45.5 per cent, a record high.

Shaver Shop launched its Transform-U brand last October to fill gaps in the company’s current range of products.

​The Transform-U brand represented 3.4 per cent of the company’s total sales for this fiscal year.

​“We were quietly confident this time last year that Transform-UTM would be a success, but it has well and truly exceeded our most optimistic projections,” said CEO and MD Cameron Fox.

​“Our store teams were integral to this, given more than 90 per cent of sales came from our store network.

​“This points to the broad, longer-term opportunity we see for Transform-UTM as we look to build the brand’s presence and recognition with customers across all sales channels.”

​Shaver Shop also secured exclusive distribution rights to the Skull Shaver range of products last June.

​The company’s in-store sales were up 0.2 per cent, with its online sales down 2.3 per cent and like-for-like sales decreasing by 0.1 per cent.

​Shaver Shop’s EBIT was up 2.4 per cent to $22.5 million, with its net profit dropping from $15.1 million to $14.9 million year-on-year.

​​The company currently has 124 stores operating across ANZ, with four stores opened over the last year and three closed in Australia.