On 11 Nov, DSL provided a trading update (19 weeks) Sales down...

On 11 Nov, DSL provided a trading update (19 weeks)

1. Sales down 22.9% vs FY21
2. LFL sales down 8.5% vs FY21
3. Store sales down 28% vs FY21
4. Online sales up 19% vs FY21

Today’s update

1. Sales down 12% to $80m vs 1H21
2. LFL sales down 10.1% vs 1H21
3. Store sales down 13.4% vs 1H21
4. Online sales up 4.3% vs FY21

So we can say between Nov 11 and Dec 31

• Total sales have improve: 1 vs a.
• LFL somehow worsened: 2 vs b. They did mention LFL sales excluded COVID/store closure costs => make a bit of sense.
• Store sales improved. 3 vs c.
• Online sales were down. 4 vs d. Makes sense because we were out of lockdown in December, which is traditionally Dusk’s strongest trading period.

Inventories $19.6m => so Sales/Inventories = 4x ish, which looks ok to me.

We do know that Omicron has impacted instore trading to some extent.

Considering what has been a tough trading condition for retailers, I think the result is pretty ok.