Business
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…
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