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Record sales, female focus deliver for Shaver Shop

Shaver-shopMore stores and record sales have helped grooming and beauty specialist Shaver Shop lift its first-half profit 9.2 per cent to $6.9 million.

Revenue for the six months to December 31 rose 19 per cent to $93.4 million after sales increased despite a challenging retail environment.

Earnings also grew to $11.2 million, from $10 million in the previous corresponding period.

“We are pleased to have delivered record sales and earnings, as well as 5.5 per cent growth in same store sales in the first half, despite the challenging retail environment,” said managing director and CEO Cameron Fox.

“We have a robust business model and are excited by the opportunities we see for the group, particularly in growing the number of female customers with more female focused brands.”

Shaver Shop has added several female brands to its mix over the last 24 months including Dyson Supersonic , Veet, Scholl, StylPro, Foreo and Dafni.

“We are really pleased to see our female beauty category grow more than 380 per cent over the first-half given the successful sourcing of innovative and exclusive products,” said Fox.

“Following the strong brands added to the portfolio over the last two years, we are excited to be launching another major female brand late in the second-half of this financial year as well as launching a new ‘own-brand’ range that will strategically complement our current portfolio of beauty products.”

Online sales rose 66.6 per cent in the six months after website investments and increased exposure to social media.

The company on Friday said it had opened seven new stores and had bought back four franchises extending its network to 106 stores and nine franchise stores in the half year.

Shaver Shop said it had received a tax benefit from the buyback of the franchise stores which would continue for the next four years.

The retailer’s corporate store network grew to 106 stores over 1H FY18, with 100 stores in Australia and six in New Zealand at the end of 2017, while the company also operates nine franchise stores.

“We continued to execute our greenfield store and franchise buyback programs in the first half,” said Fox.

“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.”

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