Re­tailer’s woes talk re­jected

The Cairns Post - - BUSINESS -

THE Re­ject Shop has acted quickly to quash any spec­u­la­tion that its sales might have col­lapsed over Christ­mas, not­ing solid trade over De­cem­ber as it re­con­firmed its profit out­look for the first half.

The dis­count re­tailer, which is un­der siege by busi­ness­man Raphael Ge­minder who late last year launched a $78 mil­lion takeover bid for the chain, said it ex­pects net profit after tax for the six months to De­cem­ber 31 to be roughly $10.5 mil­lion.

The Re­ject Shop chair­man Bill Stevens (above) said the re­sult was “con­sis­tent with the guid­ance pro­vided in the trad­ing up­date is­sued by The Re­ject Shop on Oc­to­ber 17” and also reaf­firmed the com­pany’s tar­get state­ment of De­cem­ber 3.

How­ever, The Re­ject Shop is still fac­ing dif­fi­cult trad­ing con­di­tions with the re­tailer in De­cem­ber say­ing that its re­cent sales slump had ac­cel­er­ated to be down 4.9 per cent since mid Oc­to­ber from only a 0.5 per cent fall in sales over July and Au­gust.

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