Shaver Shop Group Limited (ASX:SSG) notified the market about the impact of COVID-19 on its business. Key highlights are as follows.
- In the six weeks (1 April 2020 - 10 May 2020), total sales increased by 32.1 per cent and online sales grew by 387 per cent. This focuses on demand for ‘DIY personal grooming products’ and the strength of SSG’s omni channel model.
- Material reduction in physical store sales as outside store foot traffic experienced a dip of 50 per cent in April 2020 vs April 2019.
- The Company had withdrawn its earnings guidance for FY 2020.
- Mrs Melanie Wilson had resigned from her position as a non-executive Director.
On 14 May 2020 (AEST 11:41 AM), SSG stock was trading up by 38.372% at $0.595.