The chain has been one of the big winners from COVID-19 lockdowns and restrictions, especially as many hair and beauty salons were closed or restricted, and has delivered a record-breaking set of accounts.In the first half, orders for clippers, trimmers, curlers and epilators sent Shaver Shop’s online sales rocketing 102 per cent, helping the beauty retailer hit 24 months of consecutive like-for-like sales growth.Shaver Shop’s profit almost doubled for the half and it poured much of that extra growth into a fatter dividend, which is up 52.4 per cent.The strong performance has continued into the first two months of 2021.The company on Friday said total sales for the December half were up 15 per cent to $123.6 million, with like-for-like sales better by 17.3 per cent.Net profit for the period was up 85.4 per cent to $14.2 million. Gross margin lifted 340 basis points to 44.7 per cent.Shaver Shop, which did not receive any funds from JobKeeper or wages subsidies in New Zealand, declared an interim dividend up 52.4 per cent to 3.2 cents per share, payable on March 25.“This is an outstanding first half result, which is a record for Shaver Shop and shows the overwhelming success of our online strategy,” said chief executive Cameron Fox.“It also highlights that we are now a successful omni-retailer, given the ongoing performance of our stores. Online sales doubled in the first half while we continued to deliver exceptional levels of in-store customer service.“Shaver Shop is in the strongest shape it has ever been in. We have strong cash flow, $41.1 million cash and zero debt, and for our shareholders we have now delivered 24 months of consecutive like for like sales growth. “So, whilst we are very proud of our first half results, we are even more pleased in our ability to deliver ongoing sales growth each month for the past two years.”Shaver Shop transitioned to a wholly-owned corporate store network in February following the acquisition of the six remaining franchises for $13m plus stock on hand. Shaver Shop currently has 121 stores with 114 locations in Australia and seven in New Zealand. The company said it continues to evaluate the size and composition of its store network to optimise returns, and has completed two store refits in the first half as it continues its store refresh program at key doors. Four additional refits are planned for the second half.Turning to its outlook, Shaver Shop said its strong first half trading performance has continued into the first six weeks of the second half. Total sales were up 17.3 per cent (despite Western Australia stores being closed for five days in early February due to the government-imposed lockdown). Like-for-like store sales were up 17.6 per cent, including online sales being up 100.1 per cent.



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