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Noni B Praises Digital Investment for HY19 Online Results

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By Published On: February 21, 20190 Comments

According to Noni B, the business has continued to invest in its online channels, a decision that has proven fruitful in the first half of the 2019 financial year.

In the six months ending December 30, 2018, Noni B reported underlying earnings before interest, tax depreciation and amortisation of $29.1 million, compared to $22.1 million in HY18. This represents a growth of 31. 4 percent. Online sales also experienced a boost with revenue from digital channels growing by 27.9 percent.

“We have continued to invest in our online presence. Sales through online channels grew by 27.9 percent, representing nine percent of total sales during the period, up from 5.8 percent in FY18,” Scott Evans, the managing director and CEO of Noni B Group said in a statement.

The company has seen continued online growth over the last few months, reporting in January that its growth in sales was due, in part, to increased efficiencies and improvements in the business’s online presence.

In line with earlier projections, Noni B also noted that overall sales grew by 140.4 percent to $464.4 million in HY19, up from $193.2 million in HY18 following the acquisition of five brands from Specialty Fashion Group in July 2018. This, combined with strong performance over the key Christmas period resulted in like-for-like sales growth of one percent during December, leading to like-for-like sales for the half finishing at -3.1 percent, instead of earlier projections of minus five percent.

“We are very pleased to see a much improved November and December trading result. This is a direct outcome of the core strategies implemented post-acquisition to rebuild the acquired five brands’ product range, variety and stock levels along with an enhanced emphasis on each brand’s specific customer base,” Evans said.

Over the last six months, Noni B says it has completed the bulk of its integrations since acquiring the Specialty brands in mid-2018, including the consolidation of supply chains, systems, reporting and acquiring and analysing data.

The Chairman of Noni B, Richard Facioni is pleased with the results, saying “This encouraging performance continues Noni B’s strong growth since Alceon acquired control of the company in November 2014, growth that accelerated with the acquisition of Pretty Girl Fashion Group in September 2016.”

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