Best & Less Group has reported ‘robust’ trading performance during the past half-year despite losing 21.3 per cent of trading days due to government-mandated store closures.
The group has reported first-half revenue of $287.5 million and net profit after tax of $16.9 million.
Although sales reduced during the first half, like-for-like revenue was stable, up by just 0.1 per cent. Gross margin percentage improved as the average selling price increased at the same time as the cost of goods sold reduced.
A continued focus on inventory efficiency and strong management of supply-chain costs influenced the business. The company said that during the first eight weeks of the second half, total sales were down 7.6 per cent due to the growing Omicron outbreak.
Rodney Orrock, CEO of Best & Less, said that despite losing more than 21 per cent of the company’s total trading days to government-mandated store closures during the first half, the company’s team did extremely well to manage the things it could.
“Our omnichannel model continues to provide us with flexibility and our ongoing investment in online is paying off, with online sales rising significantly and conversion rates continuing to improve,” he added.
