Noni B results lifted by new brands and Christmas trading
Written on the 10 January 2019 by Yasmin Bonnell
Women's fashion retailer Noni B Limited (ASX: NBL) has remained on-trend in the first half of FY19, posting a 140 per cent surge in sales driven by its acquisition of Specialty Fashion Group in July.
The newly incorporated brands include Millers, Katies, Rivers, Crossroads and Autograph.
According to the company, the integration of the five brands was achieved ahead of schedule, adding to the company's strong results.
"Noni B is pleased with this result which reflects the success of the Group's focus on integration efficiencies, restocking of the newly acquired brands and continued online improvements to date," the company said in a statement released this morning.
"The Group remains confident for the second half of the financial year as it continues its strategy to deliver synergies and improve gross profit sustainability across the portfolio of brands."
The Christmas period provided a 1 per cent nudge to the retailer's like-for-like sales in December, buffering the impact of an overall decline. In October the figure was forecast to be down 5 per cent, but thanks to strong Christmas trading the overall drop was just 3.1 per cent.
The company expects its EBITDA for H1 of FY19 to be around $29 million, which is at the upper end of the market consensus range of $25-30 million. The group forecasts its full year EBITDA for FY19 will be around $45 million.
Shares in NBL are trading up 14.4 per cent to $2.86 at noon AEDT.
Business News Australia
Author: Yasmin Bonnell