Here’s why the Universal Store (ASX:UNI) share price is surging 10% higher

The Universal Store Holdings Ltd (ASX: UNI) share price is surging higher this morning.

At the time of writing, the fashion retailer’s shares are up 10% to $5.70.

Why is the Universal Store share price surging higher?

Investors have been fighting to get hold of the fashion retailer’s shares after it revealed that it expects to report a significant jump in its sales and earnings in the first half of FY 2021.

According to the release, Universal Store’s first half sales were up 24% to approximately $118 million for the six months ended 31 December.

Management advised that this was driven by a 26.5% increase in like for like sales, which offset store closures in Adelaide, Melbourne, and Sydney during lockdowns.

And thanks to an…