Mosaic Brands has delivered smash online results in its first quarter for FY22, despite a dip in LFL sales as a result of lockdowns.
The Group, which houses brands like Katies, Autograph, NOni B and Millers, reported a ‘record’ online sales increase of 21 percent on PCP.
However, its LFL sales for Q1 have dropped ten percent, directly impacted by the lockdowns. Sixty-five percent of its stores across Australia were closed throughout the span of lockdown measures, driving the dip in like-for-like sales.
Mosaic Brands’ online sales lifted 25 percent on PCP. The Company reported online revenue of $52 million in the first quarter for FY22, which is the highest figure the Group has recorded. Despite this dip in like for like sales, the Group is confident that the second half of the FY will rebound, “with both clicks and bricks now simultaneously trading for the first time since a strong last quarter in Q4 FY21,” the Company shared.
Over the quarter, Mosaic Brands completed a $32 million capital raise and acquired EziBuy. EziBuy finished the quarter 17 percent up on PCP, the Company explained. Mosaic Group ended Q1 with $31.5 million debt owing and $14 million in cash outflow for operating activities.
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