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Fashion retailer OrotonGroup net sales revenue up 11% to $84mn

24 Mar '06
3 min read

Fashion Group OrotonGroup announced a net profit after tax of $4.0 million for the six months ended 28 January 2006, up 10 percent on the corresponding period last year.The Board has declared an interim dividend of 5.0 cents per share, fully franked.

Key features of the 1H06 result are:

• Sales revenue $84 million, up 11 percent on last year
• Earnings before interest and tax (EBIT) $6.8 million, up 18 percent
• Net profit after tax (NPAT) $4.0 million, up 10 percent
• Retail trading environment remains competitive
• Improved contribution from wholesale sales
• Supply chain and internal processes now functioning well
• Earnings per share of 9.6 cents, up 9 percent on last year
• Fully franked interim dividend of 5.0 cents per share

Group sales were up 11 percent on the corresponding period last year. Retail sales increased by 7 percent, reflecting the contribution from four new stores and like-for-like growth of 2 percent during the period. Wholesale sales increased by 20 percent over last year as previous supply chain inefficiencies within the business were addressed.

“We saw solid trading in both Oroton and Polo Ralph Lauren which highlights the resilience of these two large established brands. Although coming off a relatively low base, the rebound in Group wholesale sales was particularly pleasing as it is a result of good product and better processes across the business.”

“The broader business has improved significantly in the last six months as a result of the recent substantial changes made in response to the challenges faced over the last year. As an indication, EBIT would have been some 20 percent higher than that reported for 1H06 if you take out the negative contribution from Marcs which has continued to underperform.”

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