Strong like-for-like growth across most brands and an additional 12 stores in the network powered a strong year for fashion retailer Universal Store.
The company has reported a 15.5 per cent increase in group revenue to $333.3 million for the year, with gross profit up 17.7 per cent to $203.6 million, and an increase in gross margin from 60.1 per cent to 61.1 per cent year-on-year.
The retailer’s underlying EBIT rose 15.9 per cent to $54.6 million, and its underlying net profit after tax was $34.8 million, up 15.2 per cent from the previous year.
The Universal Store chain saw a 13 per cent increase in its like-for-like sales, with the Perfect Stranger posting 25.5 per cent growth.
Perfect Stranger sales grew 83.1 per cent, reaching $25.5 million in sales. The brand’s online sales were up 94.2 per cent to $3.3 million as compared to the previous financial year.
The Cheap Thrills Cycles brand’s total sales were at $40.1 million, down 9.8 per cent, with online sales up 1.3 per cent to $4.9 million year-on-year. Most of the decline was in wholesale sales.
The company opened five new Universal Store stores, five new Perfect Stranger stores, and two new Cheap Thrills Cycles stores over the past year.
The group ended the year with 111 stores, including 84 Universal Store stores, 19 Perfect Stranger stores, and eight Cheap Thrills Cycles stores, after closing down two legacy Cheap Thrills Cycles stores.
“The team continues to execute well, providing our customers with on-trend occasion for wear products, a service-oriented experience and engaging communications,” said group CEO Alice Barbery.
“We observe the youth fashion customer remains discerning and willing to spend on quality, on-trend clothing.
“The group continues to focus on cost discipline as we build our team and system capability to support our future growth.”
