Mosaic Brands sales increase as shoppers return to stores
Multi-brand fashion retailer Mosaic Brands says sales have increased 64 per cent since the start of this financial year driven by the rebound of in-store shopping.
The group owns labels including Katies, Millers, Noni B, Rivers, Rockmans, Crossroads, Autograph, W Lane, EziBuy and Beme.
In an ASX filing, the business reported in-store comparable sales for the first quarter were registered at 22 per cent, as sales momentum was unimpeded by the impact of Covid-related lockdowns.
“Notwithstanding our strong rebound of in-store shopping, we have seen our online brands, excluding EziBuy, buck this national trend and achieved comparable sales flat to the previous corresponding period or the first quarter.”
Last year, the business agreed to purchase the remaining 49.9 per cent of EziBuy for $11 million. EziBuy is one of the largest multi-channel retailers in Australia and New Zealand, generating approximately NZ$135 million of revenue, of which over 80 per cent is through its digital platform.
“The EziBuy brand has performed in line with its peer pureplay online retailers, with year-to-date sales up 42 per cent.”
The business says it is “well-positioned” for the Christmas trading period and is well-stocked with fresh summer collections in line with expected trade demand.
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