Noni B Group, which came close to collapse almost four years ago, has issued a bumper trading update for the 2018 financial year.
The womenswear group noted like-for-like sales as a key highlight, with growth of 4.5% for the year ended July 1, 2018.
Total sales grew to approximately $364 million, with the store count rising from 614 to 641.
The result marks a dramatic turnaround for the group, now Australia's largest womenswear retail empire.
Noni B racked up losses of $16 million between 2013 and 2015, before its acquisition by investment and advisory company Alceon.
The company has since been restored to profitability through a product ranging overhaul, supply chain restructure and a more disciplined discounting program.
Online as a proportion of sales have also continued to grow, representing 5.8% of total sales in fiscal 2018.
As a result, the Group expects earnings before interest, tax, depreciation and amortisation (EBITDA) for the year to be around $37 million.
This is consistent with broker analyst expectations, representing an increase of more than 70% over the prior year’s underlying EBITDA $21.7 million.
Full year underlying EBITDA for FY2017 (including the 53rd week) was $22.9 million.
Noni B reported particularly strong sales performance through the key Christmas and Mother’s Day trading periods.
The 2019 financial year will be a year of transformation for the Noni B Group, with the acquisition of the Millers, Katies, Crossroads, Autograph and Rivers brands completing on July 2.
Since announcement of the transaction on May 14, the management teams of Noni B and Specialty Fashion Group have been actively working on an implementation and integration plan.
Noni B Group said it is pleased with the progress made to date in this regard, which will allow it to deliver on the expected benefits from the enlarged Group, as previously outlined to the market.
Noni B will provide further details when it releases its FY2018 financial results in late August.