Shaver Shop Group (SSG) H2 2024 earnings summary

Executive summary

• FY24 sales declined 2.3% to AUD 219–219.4 million, with net profit after tax down 10.1% to AUD 15.1 million and basic EPS down 10.7% to 11.7cps, reflecting a challenging retail environment and lower foot traffic.

• Segment leader in personal care retail with 123 stores and strong online presence, generating 23% of sales online.

• High brand awareness (87%) and exclusive supplier partnerships drive differentiation.

• Gross profit margin remained strong at 44.4%, near all-time highs, despite category mix changes and competitive pressures.

• Dividend payout maintained at 10.2cps (fully franked), representing 88% of reported NPAT, with a strong net cash position of AUD 13.3 million and no debt.

Financial highlights

• EBITDA declined 7.0% to AUD 38.1 million, with EBITDA margin at 17.4% (down from 18.3%).

• EBIT fell 14.9% to AUD 21.9 million, with EBIT margin at 10.0% (down from 11.5%).

• Operating cash flow strong at AUD 34.1 million, supported by higher trade payables at year-end.

• Cost of doing business up 0.7% in absolute terms, 80 bps higher as % of sales (27%).

• Net assets increased by AUD 3.2 million to AUD 87.7 million.

Outlook and guidance

• FY 2025 priorities include maximizing new exclusive brands, launching private label TRANSFORM-U, and evolving store design.

• No formal sales or profit guidance due to reliance on key trading periods (Black Friday, Christmas, Boxing Day).

• Early FY 2025 sales flat year-to-date (-0.8%), with August showing a return to growth in core categories and gross margins in line with prior year.