While fashion group Mosaic Brands posted a loss of A $ 212 million in FY20, online sales declined significantly over the same period that stores closed.
And CEO Scott Evans told investors the company expects strong online sales to continue for the foreseeable future.
“We believe that Covid will take the next three to five years [of online growth] and make it happen in three to six months, ”said Evans.
The online sales of all brands in the group, which also includes EziBuy, a company founded in New Zealand, rose by 14.7 percent year-on-year to AUD 93.7 million.
According to Mosaic, EziBuy’s turnaround plan is making “solid strides” and has already reduced operating costs and improved inventory levels.
“Mosaic will continue to review its option for the remaining 49.9 percent in the coming months given EziBuy’s strategic advantages,” said Mosaic.
The picture is not so rosy in Australia, however, where a number of Westfield’s Mosaic stores have closed and another 300 to 500 stores could close by fiscal 22nd.
“Shuttered stores don’t work for anyone, so we’re trying to minimize closings, but not on non-commercial terms,” said Evans.
“There is no roadmap to manage these circumstances, but our operational priorities have been maintaining team and customer safety, reducing inventory levels and maintaining a strong cash position.”
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