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Best & Less mulls listing as sales soar

Budget clothing retailer Best & Less Group has claimed sales growth of 13.5 per cent for its full-year as its owners investigate expanding and listing on the Australian share market.

The company on Wednesday said the revenue rise, based on same-store sales, contributed to overall sales of $629 million for the 12 months to November 30.

Most sales were baby and children’s products.

Online sales rose 80 per cent to $57 million in a period where many Australians ordered goods online to avoid contracting the coronavirus.

The figures were unaudited and the company did not provide profit or loss figures.

However, it claimed all 246 stores, which include those of its Postie clothing retail business in New Zealand, were profitable.

Private equity group Allegro Funds acquired the business from Greenlit Brands last year and has hired Macquarie Capital to assess expansion options.

Macquarie may find more investors, recommend a share market listing, or other options.

Best & Less Group chief executive Rodney Orrock said sales were strong before the pandemic, and helped by an improved loyalty program of 1.5 million customers.

The group collected JobKeeper subsidies from the Australian government, which helped retain staff during the pandemic.

AAP

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