Money
The Aussie fashion store bucking the COVID retail trend
The retail sector could be ready for a comeback, in Australia at least.
Universal Store has strengthened sales heading into the second half of 2021 with March quarter sales up 39.6 per cent.
The company floated on the ASX in November in an $280m IPO.
In an investor presentation, Universal Stores says like for like combined store and online sales for the quarter were better by 37.3 per cent.
“We are seeing our customers resume more aspects of their social lives with CBDs continuing to recover along with a return to domestic tourism.”
This reflects an acceleration of its sales performance from the first half of 2021.
Store sales were better by 19.1 per cent and online sales were up by 128.3 per cent.
However, Universal Store admits it is now entering an uncertain period where comparative sales measure becomes less meaningful.
It said some pre-COVID shopping patterns were beginning to emerge.