Shaver Shop lifts FY profit 1.7% to $6.67m
Shaver Shop shares have jumped as much as 6.25 per cent after the retailer lifted full-year profit 1.7 per cent and said strong sales growth had continued into the current financial year.
The company on Monday reported like-for-like sales growth for the 12 months to June 30 of 4.8 per cent, as net profit rose to $6.67 million on an 8.0 per cent increase in total revenue.
Like-for-sales subsequently improved to 9.5 per cent through to August 18, with Shaver Shop's key trading periods still to come.
"We are continuing to execute and refine the growth strategy that's been in place over the last few years," managing director and chief executive Cameron Fox said.
"If we can maintain this sales momentum through our key Father's Day and Christmas campaigns, we expect Shaver Shop will continue to grow sales and earnings in FY2020."
Mr Fox said the full benefit of increased marketing spend in FY20 would not be seen until the subsequent financial year.
The company opened six new stores and bought back one franchise store - while refitting or relocating another six - to bring its tally of corporate stores to 113 following what Mr Fox said was "a key investment period for Shaver Shop".
Shaver Shop has already secured the buyback of another two franchises and expects to refurbish another 10 in FY20.
At 1038 AEST, shares in Shaver Shop were 4.2 per cent higher at 50 cents, having earlier been as high as 51.
SHAVER SHOP SHINES IN FY19
* Revenue up 8.0pct to $167.4m
* Net profit up 1.8pct to $6.67m
* Final dividend up 0.1 cent to 2.5 cents, 80pct franked.
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