Noni B continues to defy retail gloom
12 July 2019, Written by Business News Australia
As its competitors bemoan the state of Australian retail Noni B has once again bucked the trend in its latest trading update.
The group expects to announce underlying earnings of $45 million for FY19, in line with its previously announced guidance and up 21 per cent on FY18.
Noni B is the parent company of major Australian retail brands like Millers, Rockmans, Rivers, Autograph, Noni B, and others.
Key highlights for the group include total sales of $864 million and growth in online sales (now representing 9.8 per cent of total sales).
"Noni B is very pleased with this result in the current climate and, in particular, the group's sales performance through the key Christmas and Mother's Day periods," says Noni B.
The strong expected result comes a year after the group acquired loss-making brands from Specialty Fashion Group.
The acquisition of the five brands - Millers, Katies, Rivers, Crossroads and Autograph - was completed on 2 July, adding 785 stores to the group.
Noni B's financial year has not been without controversy however, with the company accused of neglecting staff safety.
The retailer said in March that it was deeply concerned that the Shop, Distributive and Allied Employees' Association (SDA) would make "misleading statements" to the media, suggesting that the complaints were merely a smokescreen to "attempt to coerce" the company into changing an enterprise agreement with its workers.
The group added it was proud of its ability to turn around underperforming retailers and transform them into long-term sustainable businesses for all team members, customers and shareholders.
Shares in Noni B are up 2.56 per cent to $2.80 per share at 10.43am AEST.
Business News Australia
Author: Business News Australia