Apparel group Universal Store Holdings has reported a 15 per cent lift in total sales in the first two weeks of FY25, excluding its wholesale channel via its Cheap Thrills Cycle subsidiary.
This follows strong growth in the second half of FY24 across all its brands, higher than their full-year results.
The Universal Store brand recorded a 6.6 per cent surge in sales in the second half, up from a 0.3 per cent fall in the full year. Perfect Stranger sales were up 11.5 per cent in the second half compared to 7.3 per cent in the full year, with Thrills up 5.6 per cent compared to 4.6 per cent in the full year.
Meanwhile, Thrill’s wholesale channel has reported a growth of 5.4 per cent in the full-year on a proforma basis, excluding intercompany eliminations.
Overall group sales are expected to be $288.5 million in FY24, up 9.7 per cent on FY23, with underlying profit (EBIT) expected to hit in the range of $46 million to $47 million, up from $40.4 million in FY23.
“We’re really pleased to have delivered significant growth in underlying EBIT versus last year, amidst a backdrop of a ‘cost of living crisis’, inflationary pressures and evolving market dynamics,” group CEO Alice Barbery said. “Our team have showcased our resilience and strategic acumen in navigating fluctuating market conditions.
“These results underscore our commitment to customer-led outcomes and operational excellence. We’ve maintained a steadfast focus on managing margins, optimising inventory and controlling costs.”
Universal Store’s net cash at FY24 period end is approximately $14.3 million, excluding lease liabilities with inventory reportedly well-balanced.
The retail group ended the year with 102 physical store locations, including 80 Universal Store sites, 14 Perfect Stranger sites and eight Thrills stores.