Embattled fashion retailer Mosaic Brands has reported a trading rebound for the first half of financial year 2023 as customers increasingly returned to in-store shopping.
The retailer behind the Rockmans, Katies, Noni B and Rivers brands told investors on Wednesday group EBITDA rose 195 per cent to $15.8 million for the period ending January 1.
Total sales were up 23 per cent, with comparable store sales delivering 12 per cent growth.
Online sales were flat at 0.3 per cent.
“Consistent with our last update in November, Mosaic’s trading rebound continues to gain momentum as customers increasingly return to instore shopping, following three years heavily impacted by COVID,” chief executive Scott Evans said in an ASX statement.
“While not yet at pre-pandemic levels, in-store shopping continues to lift on a month-by-month basis, with customers also spending more on an average transaction basis.
“This result highlights how Mosaic has changed enormously to not only come out the otherside of COVID, but to become a stronger and more sustainable business in what is a very different retail environment from just three years ago.”
The group said it planned to open up to 130 stores in the next 12 months.
The news came as Mosaic appointed Spotlight Retail chief executive Quentin Gracanin to the board as a non-executive director.
Shares in Mosaic were up 3.5 per cent at 29¢ just before 9am on Wednesday.
However, the stock has lost about 45 per cent of its value in the past 12 months.