Trans-Tasman apparel retailer Mosaic Brands is set to open 130 new stores as customers return to in-store shopping.
Mosaic Group’s brands include Katies, Millers, Noni B, Rivers, Rockmans, Crossroads, Autograph, W.Lane, EziBuy and Beme.
According to unaudited accounts for the half year to January 1, sales grew 23 per cent driven by strong trading momentum and a higher average transaction value.
Comparable store sales rose 12 per cent while online sales grew 0.3 per cent, excluding EziBuy. EBITDA delivered a 195 per cent increase to $15.8 million compared to the previous corresponding period.
Group CEO Scott Evans, said the preliminary result highlights how the company has changed enormously to emerge from Covid as a stronger and more sustainable business than three years ago.
Although sales have not yet returned to pre-pandemic levels, Evans said in-store shopping continues to lift each month.
“We will be planning an additional 130 stores throughout this year, with online expected to reach up to 8 million products by the end of the year,” said Evans.
Meanwhile, the company said Quentin Gracanin – Spotlight Retail’s CEO – will be joining the Mosaic Brands board as a non-executive director on February 22.
Evans described the Spotlight brand as a “significant supporter” during the company’s capital raise in 2021 and added: “As the turnaround of the group accelerates, Quentin brings an extensive understanding of retail operations to add to the board’s existing expertise.”
- Further reading: Mosaic Brands sales increase as shoppers return to stores
