The up down updates from smaller retailer, the Shaver Shop continued yesterday and unlike so many other retailers, it was good news.
The company told the ASX that is now likely to meet its prospectus forecasts after all, with the retailer confirming it expects full-year earnings near the top of its $13.7 million to $15 million guidance.
The company, which listed on the ASX in July last year, originally forecast earnings of $14.7 million for the year, but warned in late December (two days before Christmas) that sales had not been as strong as forecast.
And the company trimmed its IPO by about 18% in February because of volatility in same store sales.
But in April, an upgrade as the company said consumers had returned to its outlets in droves, many snapping up products for resale in Asia. And yesterday the Shaver Shop told the ASX that it had seen a continuation of the upturn since the April trading update.
And directors said yesterday that The Board is now confident that its full-year EBITDA will be near the top end of the guidance range provided in that trading update ($13.7 to $15 million).
The company has also boosted its store network in NSW, with the settlement of the Bondi Junction and Macarthur Square franchise store acquisitions proceeding as planned.
It announced the acquisitions from franchisees in April, taking the total number of franchise buybacks to seven in the current financial year. The company currently operates a total network of 108 stores across Australia and New Zealand, and plans to open 10 to 15 new stores per year through 201-19, it said in a separate presentation yesterday to a finance and investment conference.
The shares rose 1.5% to 66.5 cents, still well short of the most recent high of $1.03 recorded on December 9.
