Fashion group Noni B Limited expects first half EBITDA to reach $29 million after total sales grew by 140 per cent to $457 million during the six months to 30 December 2018.
A strong Christmas season saw like-for-like sales growth of 1 per cent in the month of December, and a six-month like-for-like sales decline of 3.1 per cent – ahead of the 5 per cent year-on-year decline seen at the end of October.
“Noni B is pleased with this result which reflects the success of the Group’s focus on integration efficiencies, restocking of the newly acquired brands and continued online improvements to date, as outlined in the AGM,” the brand said in a statement to investors.
Looking toward the rest of the year, the fashion group is confident its current strategy will carry them through the expected full year EBIDTA of approximately $45 million – an increase over the $37.2 million reached in FY18.
The acquisition of the Rivers, Crossroads, Autograph, Millers and Katies brands, purchased from City Chic last July for $31 million, is ahead of schedule due to improved trading, and achieved integration efficiencies, the group said.
“[Noni B] has made strong progress over the past four years, turning around underperforming businesses and delivering consecutive annual like-for-like sales growth in the Noni B brand and, in-turn, the Pretty Girl brands,” Noni B managing director Scott Evans said during the brand’s FY18 results announcement.
“We look forward to taking advantage of the many opportunities offered by our newly expanded group.”
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