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Revenue in the first seven weeks of the new year was down 28 per cent on the prior period, but Adore expects a return to double-digit revenue growth in the second half.
For the full 2022 year it posted revenue of $200 million, up 11 per cent, and up 65 per cent on 2020, driven by valuable returning customers with higher average order values, and multiple record trading days.
Active customers – those that bought items in the past 12 months – was 872,000, up 7 per cent on 2021. Returning customers were up 31 per cent on the prior year. Its first private label range which is gender-neutral, called Viviology, was launched during the year.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) of $5.3 million, and EBITDA margin of 2.7 per cent, was in line with guidance.
Net profit after tax was up 181 per cent to $2.37 million.
No dividends were paid during the year ended 30 June 2022.
Outgoing chief executive Tennealle O’Shannessy said returning customers remained the largest contributor of revenue, “accounting for 70 per cent of sales and driving higher average orders and annual spend,” she said in a statement to the ASX.
She said that the successful launch of Viviology has diversified the group’s revenue and margin profile. Sales in the first month exceeded internal expectations, and Adore is on track to launch it second owned product offering later in the calendar year.
“Owned brands are an important pillar in our long-term growth strategy, providing future expansion opportunities in new geographic regions and distribution channels, and delivering improved margins. At scale, we are targeting owned brands to contribute 15 per cent or more of all revenue with gross margins above 80 per cent,” Ms O’Shannessy said.
The online beauty retailer said earlier in August that Ms O’Shannessy will step down in February to head up ASX-listed IDP Education.
More to come
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