The Globe International Limited (ASX: GLB) share price took off today following the company's latest performance report.

At market close, the apparel company's shares finished the day at $5.40, up 9.76%.

How is Globe International performing in FY21?

Investors were fighting to get a hold of Globe International shares in late afternoon trade after the company provided exciting results.

According to the release, Globe International advised that sales growth has been robust despite facing challenges with the supply of goods. This relates to the impact of COVID-19 on global logistics routes, particularly from China where most of its apparel is sourced.

The company stated that it has so far managed to overcome the significant delays reported on freight. As a result, this has led Globe International to achieve first-half sales well ahead of expectations. Furthermore, sales in the second-half are expected to double from the prior corresponding period.

In total, the company is forecasting full-year sales for FY21 to be more than $250 million. This is more than a 60% uplift of the $152.8 million that was recorded in last year's financial scorecard.

Pleasingly, Globe International is also projecting profitability to be greater than what was originally assumed during its February half-year results.

Earnings before interest and tax (EBIT) in terms of percentage return on net sales are predicted to be in the mid-teens. Again, this compares with EBIT returns of just 4.8% in FY20 and 16.8% in H1 FY21.

The company is scheduled to release its full-year results sometime in mid-August.

Globe International share price snapshot

Over the past 12 months, investors would be pleased with the company's share price performance, up 330%.

Based on today's price, Globe International has a market capitalisation of roughly $206 million, with around 41 million shares outstanding.

The post Globe International (ASX:GLB) share price jumps 9% on sales update appeared first on The Motley Fool Australia.

With COVID-19 vaccine rollouts now advancing in many nations across the world, there is a renewed sense of optimism about the end of the pandemic and a potential near term economic recovery.

Although the vaccine distribution is yet to commence here in Australia, our success in dealing with localised outbreaks has meant that we have already been able to safely open up our economy and return to some degree of normal life.

We can see this in sectors such as the retail industry which bounced back over the Christmas period. The Australian Bureau of Statistics estimated that seasonally adjusted turnover increased by 9.4% year-on-year in December 2020.

This unexpected jump in retail activity has helped buoy the share prices of many local retailers. Here are four ASX retail shares that have seen their share prices soar to new highs recently.

Premier Investments Limited (ASX: PMV)

With a market cap approaching $3.7 billion, Premier Investments is the largest and most established retail company on this list. It owns the Just Group, which includes the Just Jeans, Peter Alexander, and Jay Jays brands. Premier Investments also has a 28% stake in household electrical appliances manufacturer Breville Group Limited (ASX:BRG).

In a trading update released to the market earlier this month, Premier Investments stated that it expected first half FY21 earnings before interest and tax expenses (EBIT) to be in the range of $221 million to $233 million, an increase of between 75% and 85% on first half FY20.

Its share price briefly jumped to a new all time high of $26.70 on the back of that update. While it has pulled back to $23.10 as at the time of writing, it is still up a touch over 25% in the last twelve months.

Globe International Limited (ASX: GLB)

Globe manufactures and distributes a range of street fashion, skating equipment, outdoor clothing, and workwear. Among its proprietary brands is skate and apparel brand Globe, as well as surfing apparel brand Salty Crew. It also owns the Australian distribution rights for well known American streetwear brand, Stüssy.

Globe International released a trading update on 18 January. It reported preliminary sales numbers of approximately $125 million for the first half of FY21, an uplift of 60% versus first half FY20. More importantly, EBIT was also expected to come in at more than $20 million – an increase of over 370%.

The Globe International share price skyrocketed on the news. In just this month alone it has surged almost 70% higher. Over the last twelve months it is up close to 190%.

Accent Group Limited (ASX: AX1)

Accent Group is the largest footwear retailer in Australia. It operates over 400 stores across Australia and New Zealand and has exclusive distribution rights for a number of well known international brands including Dr. Martens, Skechers, and Timberland.

Accent Group also released a trading update earlier this month in which it announced that stronger than expected sales in November and December had resulted in a jump in first half FY21 earnings before interest, tax, depreciation, and amortisation (EDITDA). It now expects EBITDA in the range of $95 million to $98 million, an increase of up to 45% versus first half FY20.

The Accent Group share price has surged over 40% higher in the last twelve months.

City Chic Collective Limited (ASX: CCX)

Last on the list is plus sized women's clothing retailer, City Chic. Despite store closures causing a dip in City Chic's sales across Australia and New Zealand in FY20, the company still managed to increase Group revenues due to its growing presence in the Northern Hemisphere.

It acquired the ecommerce assets of American brand the Avenue in October 2019, which boosted its market penetration in the US and also helped to double its online sales for the year. In December, City Chic also announced it had acquired the ecommerce and wholesale assets of UK-based women's plus size brand, Evans.

This willingness to expand into new markets has delivered big gains in the City Chic share price.

It recently set a new record high price of $4.24, and is up almost 50% over the last twelve months.

The post These ASX clothing retailers' share prices are storming to record highs appeared first on The Motley Fool Australia.

The Globe International Limited (ASX: GLB) share price powered up today as the company released a trading update. Shares in the skate-shop were up 34.3% at a price of $4.50 at close of trade.

The news comes after a superb 6 months for the company, which has seen a number of announcements send its share price soaring 267%.

Market update

This afternoon, shares in the consumer discretionary company were rocketing off the back of a positive performance update for the first half of FY21.

Globe advised that preliminary sales for the half year were around $125 million, up approximately 60% compared to the prior corresponding half. Earnings before interest and tax (EBIT) is estimated to exceed $20 million. This compares to the $4.2 million achieved in the prior half, marking an increase of 376%.

The company plans to announce its half year results late in February. A more complete view of the results and a full year outlook will be provided then. Globe noted that the information in this trading update is unaudited and remains subject to finalisation.

What Globe does

Globe is a global producer and distributor of purpose-built apparel, footwear, and hardgoods for the board sport, street fashion and workwear markets. 

Founded in 1985 by three brothers, its business is divided between proprietary brands, licensed brands, and distributed brands. The main of which is 'Globe', a large skating brand.

The Australian based small cap currently boasts a market capitalisation of $138 million, and sells its products in 100 countries worldwide. In addition, Globe is paying a trailing dividend yield of 2.59%.

About the Globe share price

Today's 34.3% increase in the Globe share price marks a 52-week high for the company.

It comes after a positive 2020 for the company, which saw its shares gain 146% despite COVID-19 disruptions. In contrast, the All Ordinaries Index (ASX: XAO) dropped 3.6% during the same period.

The post Globe (ASX:GLB) share price rockets 34% as sales soar appeared first on The Motley Fool Australia.