Live Markets, September 1, 2021
Rivers, Rockmans, Katies and Mosaic Brands, the Noni B retailer, halted trading ahead of a fundraiser to bolster its balance sheet “given the current uncertain environment due to COVID-19.”
He also urged state governments to fully open borders by October or risk leaving “lasting scars” on the country.
After the market closed yesterday, the clothing retailer reported annual revenue of $ 708 million, up from $ 736 million the year before, and after-tax profits of $ 2.7 million from a loss. of $ 170 million in 2019-2020.
He also told investors he had a “cash equivalent balance” of $ 57.8 million. However, it did not provide guidance and did not pay a dividend.
“The Group has entered the 2022 fiscal year with solid momentum, clean inventory holding and a markedly improved cash position, and although severe bottlenecks have had an impact on this in the short term, the group continues to see the Continued acceleration of digital online department stores and sees growth of 13.3%. year to date, ”he wrote in his annual review.
“Once the blockages are over and the vaccine roll-out is back on track, Mosaic Brands is well positioned to emerge strongly from the current environment, as witnessed by the discussions in the fourth quarter, and return to sustainable profitability. ”
While online sales increased 23%, in-store sales declined 8% in the first eight weeks of 2021-2022, the company told shareholders yesterday.
“For the entire retail industry, it is essential that by the end of October stores nationwide are able to open and trade again,” said President Richard Facioni .
“From supply chain logistics to consumer sentiment and national sentiment, the internal borders underway beyond this period will leave lasting scars.”
Shares closed at 46c on Tuesday and are down 44.5% so far this year.