millers looks the goods!

Miller’s Retail sees positive outlook
August 28, 2002
Women’s clothing retailer Miller’s Retail today said the outlook for the current financial year is “very positive”. This comes after it announced a 34.5% higher net profit of $31.68 million for the 2001/02 year.

It said it is confident of an improved performance over the next twelve months thanks to organic growth. “Inventory levels are being well managed and significant appointments have been made to strengthen the management team,” said Miller's chairman Bill Cutbush.




The group said it remained committed to a high-growth strategy of building a retail business based on low costs and profitable expansion.

“We look forward to another strong year in 2002/03 with exciting organic growth and new prospects,” Mr Cutbush said.

Revenue rose 49.4% to $972.2 million, compared to last year’s $650.7 million. Earnings before interest, tax and amortisation of goodwill (EBITA) was $59.1 million, up 30.2% on last year’s $45.4 million.

Managing director Ian Miller said the “strong performance” came amid consolidation of the company’s fast-growing apparel and discount variety store networks. The group has 970 retail stores across Australia and New Zealand including Katies, Go-Lo and Crazy Prices.

“It’s a good performance in a competitive market,” Mr Miller said. “We have a low cost base and, despite the difficult retail environment over the past financial year, we have still produced a strong result.”

“Stock levels have reduced considerably and the cashflow generated during the second half of the financial year is above target.

“We will continue to focus on managing our working capital and the strength of our balance sheet is a solid platform for future growth.”

At market close yesterday Miller’s Retail shares were $2.15