Mosaic Brands has revealed its performance for the first quarter of FY22 in a trading update.
During the period, the business completed a $32 million capital raise, acquired EziBuy - which finished the quarter 17% up on the previous corresponding period (PCP) - and reported record online growth, up 21% on the PCP.
In total, the business recorded online revenue of $52 million for Q1 FY22, the highest period recorded for the Group.
However, with 65% of its store network closed for the quarter, Mosaic's like-for-like sales slipped 10% on the PCP.
But with clicks and bricks now simultaneously operating throughout Australia, the business expects a strong rebound in the second half of FY22.
"This was a significant quarter for Mosaic Brands in undertaking a now completed capital raise and finalising the full acquisition of EziBuy," Mosaic Brands said in a statement.
"The Offer provided Mosaic Brands with additional balance sheet support and in part enabled it to best navigate the closure of over 65% of the Group's stores during the quarter due to COVID-related lockdowns combined with the traditional net cash outflows that occur in the women's clothing retail sector at the end of the September quarter.
"Having completed both a reset of the business and put in place funding arrangements as part of its post-COVID focus, the Group expects a strong rebound in H2, with both clicks and bricks now simultaneously trading for the first time since a strong last quarter in Q4 FY21.
"The Group has closely managed its supply chain arrangements during the quarter and is well stocked to take advantage of the peak Christmas trading period," Mosaic Brands said.
The Group ended the period with $31.5 million debt owing, and cash outflow from operating activities for Q1 FY22 at $14 million.