The fraud contributed to a 27 per cent drop in the company’s full-year profit to $6.6 million, driving its shares nearly 22 per cent lower.
Normalised earnings for the 12 months to June 30 declined $1.7 million to $13.2 million – largely due to a drop-off in daigou shoppers – and total like-for-like sales were down 3.4 per cent on the previous financial year.
The company was also hurt by the liquidation of two suppliers, at a cost of about $491,000.
Revenue, however, was up 8.7 per cent to $154.9 million, with a stronger performance in the second half of the financial year.
“While we are disappointed at the decline in earnings over FY18, I am very proud of the efforts from our corporate store and support office teams in returning the busin…
Read the full article at: https://www.smh.com.au/business/companies/shaver-shop-hit-by-327-000-daigou-fraud-20180823-p4zzcq.html