Mosaic Brands (ASX:MOZ) stores hit by bushfires, pledges to donate $860 000 worth of clothes

Company News

by Anna Napoli

Clothing retailer Mosaic Brands (ASX:MOZ) has announced over half of its 1386 stores have been impacted by the bushfire crisis.

As a result the company’s comparable sales for the half year were 8 per cent lower than last year.

Despite this, underlying earnings (EBITDA) for the half year are expected to be about $33 million, an increase of approximately 13 per cent on the year earlier period.

Online sales, excluding sales by EziBuy, contributed 10 per cent of total Group revenue, validating the Group’s decision to increase investment in its digital strategy to deliver ongoing growth.

In response to the fires the group has made a donation of $50,000 to the St. Vincent de Paul Bush Fire Appeal and has pledged to donate clothing with an approximate value of $860,000 (at cost price) to the GIVIT charity.

Shares in Mosaic Brands (ASX:MOZ) are trading 15.7 per cent lower at $1.91.