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The Pas Group posts 17.3% increase in online sales H1 FY20

26
Feb '20
Pic: The Pas Group/ Review
Pic: The Pas Group/ Review
The Pas Group, Australia based apparel company, announced its net sales were $129.9 million in H1 FY20, a decrease of 7.7 per cent compared to H1 FY19 ($140.7 million). Online sales penetration increased to 17.3 per cent of total retail sales. Net loss after tax from the continuing business of $1.0 million was down $2.3 million on the prior year.
 
Retail sales reduced 4.2 per cent to $61.7 million reportedly due to the closure of 42 marginal or unprofitable stores since the prior corresponding period. Like-for-like retail sales increased 1.6 per cent despite the continued negative industry sentiment and aggressive promotion-based competition, group reported.
 
Wholesale sales in H1 FY19 decreased by 10.6 per cent to $68.2 million. The decrease was reportedly driven by the volume and timing of orders recognised in group's Designworks business (which achieved more than 50 per cent sales growth in the prior corresponding period), the strategic discontinuation of independent wholesale in Black Pepper and lower domestic and international sales in Jets.
 
The group reported that the consumer sentiment remained soft resulting in lower levels of foot traffic both in shopping centres and their stores. Despite the impact of recent bushfires and inclement weather on the communities group provides service, like-for-like retail sales increased 1.6 per cent on the prior year, group reported. This was an improvement on the negative 5.6 per cent experienced in H1 FY19.
 
The group further stated that it continued its strategy to consolidate its portfolio, closing a further 17 marginal or unprofitable bricks and mortar stores. Group opened 6 new stores in strategically targeted locations during the period. Pas also reported that it continues to be a market leader in digital sales.
 
The group in its strategic priorities for future reported that it is focused on achieving its longer term strategic and operating priorities for each of our online, retail and wholesale channels within our core and new growth markets whilst maintaining a strong cost discipline and considered management of working capital by: continuing to drive total retail growth supported by an omnichannel strategy which prioritises growth and expansion through its own websites and third-party marketplaces. Maintaining its bricks and mortar principle of closing stores where returns are considered to be sub-optimal or landlord rental expectations are uneconomic; further strengthening its relationship with its key concession partner Myer by agreeing increased space and improved locations for Review; consolidation and growth in Designworks by continuing to execute and deliver new and existing brands and capitalising on the recently established footwear, underwear and accessories division to enable significant multi-branded growth opportunities.

Fibre2Fashion News Desk (JL)


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