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Brazin Limited net sales revenue increase 21.4%
10 Feb '06
4 min read
Brazin Limited achieved a net profit after tax increase of 32.2 percent to $20.0 million for the half-year ended 1 January 2006 (2004: $15.1 million). This was achieved on a sales revenue increase from continuing operations of 21.4 percent to $300.9 million (2004: $247.9 million).
“This is a satisfactory result in a difficult retail trading environment. Diva's results are a great outcome, and demonstrate the benefits of the brand portfolio mix that we have” said Greg Milne, CEO and Managing Director.
“Growth will continue through targeted store openings, improving performance of existing stores, as well as developing our store format for the future. We are, in all of our divisions, the leading retailer in our key market segments.”
DISCONTINUED OPERATIONS
Discontinued operations (Ghetto and Insane), net of tax, lost $2.4 million (2004: $2.5 million).
CONTINUING OPERATIONS
The general tightening in consumer discretionary spending, discussed at the AGM in November, continued during the Christmas trading period and impacted the established brands in all segments. Trading was characterised by intense price competition in both Entertainment and Apparel sectors, particularly in December.
Despite sales increasing 19 percent to $205 million in Entertainment largely as a result of the acquisition of HMV, competitive price pressure and ongoing price deflation in the DVD market, led to an EBIT decline in this segment by -13 percent to $9.1 million. Apparel and Accessories (BNT and diva) EBIT increased by 61 percent to $19.5 million. The tightening in discretionary spending was most strongly felt in dusk where despite sales increasing to $24 million from $7 million last year (dusk was acquired December '04), EBIT declined 5 percent to $2.9 million.
“This is a satisfactory result in a difficult retail trading environment. Diva's results are a great outcome, and demonstrate the benefits of the brand portfolio mix that we have” said Greg Milne, CEO and Managing Director.
“Growth will continue through targeted store openings, improving performance of existing stores, as well as developing our store format for the future. We are, in all of our divisions, the leading retailer in our key market segments.”
DISCONTINUED OPERATIONS
Discontinued operations (Ghetto and Insane), net of tax, lost $2.4 million (2004: $2.5 million).
CONTINUING OPERATIONS
The general tightening in consumer discretionary spending, discussed at the AGM in November, continued during the Christmas trading period and impacted the established brands in all segments. Trading was characterised by intense price competition in both Entertainment and Apparel sectors, particularly in December.
Despite sales increasing 19 percent to $205 million in Entertainment largely as a result of the acquisition of HMV, competitive price pressure and ongoing price deflation in the DVD market, led to an EBIT decline in this segment by -13 percent to $9.1 million. Apparel and Accessories (BNT and diva) EBIT increased by 61 percent to $19.5 million. The tightening in discretionary spending was most strongly felt in dusk where despite sales increasing to $24 million from $7 million last year (dusk was acquired December '04), EBIT declined 5 percent to $2.9 million.
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