The All Ordinaries Index (ASX: XAO) is down 1% in early afternoon trade, but this ASX retail share is bucking the selling trend.
Big time.
Having earlier posted gains of more than 30% the Mosaic Brands Ltd (ASX: MOZ) share price is currently up 22%.
The specialty fashion retailer owns a number of name brands including the popular Noni B.
Image source: Getty images
Why is the ASX retail share rocketing?
With no fresh news out from the company today, it looks like investors may be driving up the Mosaic Brands share price following yesterday's 53% selloff.
Investors punished the ASX retail share after it released an announcement yesterday revealing that difficult trading conditions related to the pandemic will likely result in a full-year loss for the 2022 financial year. Management forecast the full-year loss despite Mosaic Brands delivering a profit in the first half of the financial year.
The company said, "The May trading month, which included the key Mother's Day period, continued to see overall trading conditions improve gradually, however at a rate that was below expectations, as our core customers remained highly cautious of the ongoing risks associated with Omicron."
The ASX retail share closed at 20 cents yesterday and is currently trading for 25 cents.
Year-to-date the Mosaic Brands share price remains down a painful 61%.
