The fashion retailer behind Katies and other well-known brands has shut dozens more stores, surviving its toughest ever trading period with big help from JobKeeper.
Mosaic Brands, which also owns Noni B, Rivers and Rockmans, booked a whopping $170m full-year net loss in August but on Wednesday posted a slim first-half net profit of $13m.
But that comes after it received almost $47m in JobKeeper benefits, which it said had been an “invaluable element” in managing through the past 10 months.
Camera IconMosaic Brands’ shoppers tend to be an older demographic and have been buying more online, only going in-store on a ‘targeted mission’ during the pandemic. Credit: News Corp Australia, NCA NewsWire/Steven Saphore
The group announced in October it had closed 73 stores in response to “unrealistic rental requests and a permanent shift towards online purchases”, saying it would potentially close up to 500 of its 1300-plus store portfolio nationally over the next year or two.
In its latest report, Mosaic said it closed 41 non-performing stores last month alone, bringing the total number of outlets shuttered so far to 123…