• Revenue up 16.1% to $183.5M
• Profit after tax down 45.6% to $11.3M
• Interim dividend of 22 cents per share

Universal Store Holdings Limited has reported its financial results for the half-year ended 31 December 2024. The company delivered a 16.1% increase in revenue to $183.5 million, but profit after tax was down 45.6% to $11.3 million. The group's underlying EBIT was $35.4 million, a 14.9% increase on the prior corresponding period, while underlying NPAT was $23.2 million, a 16.0% increase. The company's gross margin improved by 90 basis points to 60.6% of sales, driven by increased private brand penetration and cycling higher clearance activity in the prior year. The group opened 7 new stores during the period, contributing $3.1 million in sales. Online sales grew 12.6% to $25.2 million, representing 13.7% of total sales. The CTC wholesale business saw a 16.4% decline in sales. Based on the CTC business performance, the group recognized a $13.6 million goodwill impairment. The group ended the period with a robust cash position of $37.7 million and no bank borrowings. The board has declared an interim dividend of 22.0 cents per share, fully franked, to be paid on 28 March 2025.

The group expects to deliver FY25 revenue growth of 12-15% and underlying NPAT growth of 10-15% compared to FY24.

The group remains confident in the long-term potential of the CTC business and is focused on executing its growth strategy across its portfolio of premium youth fashion brands and retail formats.