The turnaround at women’s fashion stock Mosaic Brands (ASX:MOZ) continued to unfurl and shareholders sent shares climbing upwards this morning.
Mosaic copped a big hit from the 2019-20 bushfires as well as the initial onset of COVID-19 but things have been turning around – its Black Friday sales doubled compared to the year prior.
Today the company gave a further update, telling ASX shareholders it expected full year underlying earnings of approximately $48 million – and that was before you considered the contribution of EziBuy which was a recent acquisition.
It expected a similar result in FY22, tipping earnings of $50 million even with the loss of JobKeeper.
The company said every week since Easter had been better and better with customers returning to stores as well as increase their spending online.
“After the toughest 18 months imaginable including the bushfires and COVID-19 pandemic, we are confident that Mosaic Brands has come through stronger and better with a very clear path to returning to our year on year track record of profitability and growth,” declared CEO Scott Evans.
