According to Shaver Shop, sales are up in the second half as consumers are returning to malls to shop. They cited the importance of personal care and wellbeing as one of the factors that drove the sales.
In pre-COVID-19 times, Shop Shaver generated almost 30% of its sales from online channels. However, during the December and September quarters, the company was affected by the closures of several stores in Victoria and NSW.
In the second half of its fiscal year the company reported that its online and in-store sales grew. Its gross margins were also consistent with the levels they achieved in the previous year.
The company had estimated that its sales for the full year would be around $220 million.
Despite the increase in sales of hair-cutting products during the lockdowns, the company noted that its sales in the second half were still up. It said that the categories of hair-cutting, such as ear, nose, and body groomers, continued to grow.
The Shaver Shop started the year with a touch time as many of its bricks-and-mortar stores were temporarily closed during the July and August period. Despite the increase in online sales, the company’s total sales were still down by around 7%.
The company said on Thursday that customers were returning to the company’s stores after the COVID-19 restrictions caused a disruption in their shopping.
In response, Shaver Shop said that the store teams are doing a great job of delivering exceptional service to its customers. Although the company’s online sales grew during the second half, they were still below their previous year’s performance.
Many of the products sold by Shop Shaver are considered non-discretionary purchases by consumers due to the company’s focus on personal care and wellness.
The company noted that during the COVID-19 restrictions, it was able to introduce new customers to certain categories of do-it-yourself appliances.
The men’s grooming market is expected to reach more than $1 billion by 2022, driven by the increasing number of men participating in beauty regimes and the trends toward body hair and facial hair.
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