ASX outage halts Universal Store Holdings IPO; still optimistic for Xmas

Universal Store Holdings (ASX:UNI) is the latest niche retail chain to hit the ASX but its trading has been delayed by the ASX outage.

Shares were supposed to commence trading at 12pm but that has been put on hold while the problem is addressed.

Universal’s focus is casual youth apparel. It has over 60 brick and mortar stores across Australia as well as an online presence.

It will have fair company on the ASX with two other specialist fashion retailers Mosaic Brands (ASX:MOZ) and City Chic Collective (ASX:CCX) and several other generalist outlets including MyDeal (ASX:MYD), Kogan (ASX:KGN), and Myer (ASX:MYR).

Universal raised $48.5 million at $3.80 per share.

Universal Store Holdings (ASX:UNI) share price chart

Looking forward to the Christmas season

This morning Universal released a trading update showing it had met its revenue and profit forecast outlined in its prospectus.

Over the last seven weeks, sales grew 33 per cent compared to the prior corresponding period, driven among other things by the reopening of Universal’s Melbourne stores.

All 12 outlets in Victoria’s capital closed during Stage 4 restrictions but sales grew as the shutters came up again.

The company also expressed optimism for the upcoming Christmas shopping season which kicks off on Black Friday (November 27).

“We are delighted to have all our Victorian stores open and trading again in the lead up to the school holidays and the Christmas season,” Universal CEO Alice Barbery said.

“We are also encouraged by the prospects for our stores and online sales in Melbourne as restrictions are further eased over coming weeks.”

Barbery also said today was a milestone in the growth of her company.

Universal shares have since commenced trading.