Noni B has announced the success of its continued turnaround strategy, with the company revealing total group revenue soared by 187% to $316.8 million for the full year (ending July 2, 2017).
Like-for-like sales also experienced growth, increasing by 2.4%.
Following the continued investment made by Noni B into eCommerce, online sales were reported to now make up 3.6% of overall sales for the group.
Noni B managing director Scott Evans said the overall performance by the group was pleasing and highlighted that the recently acquired Pretty Girl business would be a focus in the year ahead.
"We are very pleased that the acquisition and integration of Pretty Girl was achieved ahead of our original timeline and will deliver meaningful financial benefits to the group in the coming year.
"With the Pretty Girl business stabilised and fully integrated into the Noni B group, our focus will now be on driving continued improvement in its performance in a similar manner to that achieved in the Noni B brand over the past two and a half years."
Further areas of focus for the company in the year ahead include:
- Sales growth through ongoing investment in store portfolio and personal development of the sales team.
- Continued investment in digital and online.
- Continued focus on all costs to ensure operations are best practice from an efficiency perspective.
Noni B chairman Richard Falconi said that while the results for the current financial year would be subject to key trading periods, he and the company expected that the group would generate substantially higher financial results for 2018.
"We expect the cost savings previously identified from the integration of Pretty Girl to be fully realised this financial year and to be reflected in underlying earnings, together with the benefits of combining the product sourcing function of the two groups."
Last August, Packer’s company sold the Pretty Girl Fashion Group for at least $75 million, and emerged with a 10% stake in Noni B.
Earlier this year, James Packer’s private investment company, Consolidated Press Holdings, completely sold off its stake in Noni B.