Dusk is one of Australia’s most popular retailers of Candle’s and this popularity seems to have exploded with the company reporting that their profits have tripled. Dusk floated in 2020 and during this time was able to grow their profits three fold due to strong demand from consumers stuck at home during the pandemic.
Dusk reported that net profit was $21.8 which is a rise of 130 per cent with EBIT 225 per cent higher at $38.4 million. Reasoning for the great performance was a substantial rise in sales along with an increase in gross margins. Total sales for the period was $148.6 million, an increase of 47 per cent over the previous period.
As expected during this time lockdowns and shutdowns, online sales grew at a high rate. The sales performance from stores is nothing to be sneezed at with growth of a respectable 33 per cent. Sales from online channels climbed by 27 per cent which represents 7.5 per cent of the total sales.
Dusk was a recipient of the government’s JobKeeper subsidy and this netted the company $2.8 million in the first half of the 2021 financial year. However, the company decided that it’s strong performance warranted it returning the subsidy to the government.
The start of 2022 has started roughly with most of it being affected immensely by the lockdowns and store closures due to COVID spread along the east coast. Many of the staff in these locations have been stood down without pay. Dusk are hoping for a strong Christmas to make up for the difficult year.
Stores that are performing well are online stores such as gorman who have had a strong online presence for years. If you’re looking to buy during the gorman sale, use a gorman discount code to save.
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