H1 FY24 Results Announcement
Universal Store Holdings Ltd reported H1 FY24 results with a total group sales of $158.0 million, an increase of 8.5% from the previous year.
The sales increase was primarily due to the added contribution from CTC, despite a decrease in Universal Store sales by 1.4% and a 5.4% drop in like-for-like (LFL) sales.
Perfect Stranger sales saw a significant increase of 59.7% versus the prior corresponding period, and CTC sales increased by 4.2% on a proforma basis.
Gross profit margins improved by 80 basis points to 59.7%.
Underlying EBIT was $30.8 million, up 8.1% from the previous year, and statutory NPAT increased by 16.7% to $20.7 million.
Adjusted earnings per share (EPS) were 26.6 cents, and the company had a net cash position of $27.4 million as of 31 December 2023.
Six new stores were opened during H1 FY24, bringing the total number of group stores to 100.
An interim FY24 dividend of 16.5 cents per share was declared, up from 14.0 cents in the prior year.
The company observed changes in customer spending habits and took steps to refine its product offerings, focusing on both price-conscious and premium customers.
The first seven weeks of H2 FY24 showed encouraging sales performance, with US sales up by 4.5% and LFL growth of 1.0%.
The company is focused on improving gross margins and managing its cost of doing business (CODB) through various initiatives.
Management plans to open 1-3 Universal Store locations, 4-8 new Perfect Stranger sites, and 1-2 new-format THRILLS stores by 30 June 2024.
CEO Renee Jones will transition to reduced hours in H2 FY24, with additional finance team support being implemented.
This announcement is a summary of the company approved ASX announcement on 22/2/2024 and is based on facts.