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Discount fashion retailer Best & Less Group (BLG) has reported a \u201cslow start\u201d to its summer trading although expects a \u201cstrong finish\u201d to the first-half in terms of profitability.<\/p>\n
Sales are up 22.8 per cent compared to the same period last year although like-for-like sales fell 7.4 per cent overall with store sales down 2.3 per cent and online sales declining by 32.9 per cent.<\/p>\n
BLG\u2019s executive chair, Jason Murray, said the business currently holds an \u201cexcellent\u201d seasonal inventory position supported by its recent investment in lower prices.<\/p>\n
\u201cLooking ahead, we expect value-conscious shoppers to continue to be attracted to our differentiated specialty value offer. We will retain our relentless focus on preserving margins and driving cost efficiencies.\u201d<\/p>\n
The company expects nearly 60 per cent of its first-half profits to typically occur in the final six weeks of the half given the major shopping season lies ahead for the business.<\/p>\n
In August, the business reported its full-year revenue fell 6.2 per cent to $622.2 million after the company lost 10.8 per cent of its trading days to Covid restrictions.<\/p>\n<\/div>\n