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Electra Private Equity has revealed that Hotter Shoes’ total sales increased 25% year-on-year in H1 FY22.
The footwear retailer also saw UK direct to consumer sales jump 39% year-on-year in the period to July 2021.
Hotter’s overall gross margin in the first half of FY22 climbed from 53% in H1 FY21 to 63%, as the group’s fixed costs dropped by 34% year-on-year.
The trading update was accompanied by further confirmation of the demerger of Electra’s hospitality brands into a new parent company named Hotsmore, followed by the group’s listing on AIM as the parent company of Hotter.
Electra has now also proposed to change its trading name to Unbound Group as it lists on AIM for Hotter later this year.
Neil Johnson, chair of Electra, said: “We are delighted to be planning for both companies to embark on their separate journeys as independent listed companies with the management, strategy and financial position to deliver real value growth in both the short and longer terms.
“Both businesses have the opportunity to become leaders in their chosen markets and we have every confidence that the management teams that are in place can deliver their plans – and with them significant shareholder value.”
As a part of the transition to Unbound, which will see “further details” released “in due course”, Dan Lampard has been appointed as the new CFO effective 30 August 2021.
Ian Watson, CEO at Hotter, said: “We are delighted with the progress we are making and welcome Dan to our team at this important time for the business.
“His track record of success in on-line, direct-to-consumer retail businesses will help drive our transformation as we work towards our listing on AIM and focus on delivering growth across our platform.”
