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Kirkcaldie & Stains Announces Full Year Surplus

News release 29 October, 2001

165-177 Lambton Quay, Wellington

Kirkcaldie & Stains Announces Full Year Surplus

Today Kirkcaldie & Stains Limited released its annual result for the year ended 31 August 2001.

The directors are pleased to announce a net surplus after tax of $2.12 million – an increase over the previous year’s result of $2.03 million. The board is satisfied with this outcome as it results from increased sales and reflects the strategy of a short term increase in expenditure to strengthen the company’s future earnings potential.

Revenue showed an increase of 3.1% from the 2000 financial year having risen to $35.4 million. The strong sales growth resulted from consistently improved trading throughout the year. Not only have dollar values increased but so has the number of customers purchasing within the store.

A reduction in operating profit was the outcome of signaled increases in operating expenditure as part of a strategy to prepare the company and store for significant future developments. The taxation charge was affected by a one-off adjustment to recognise the future benefit of the rental under-writing agreement with previous parent company, Hellaby Holdings Limited.

The directors have maintained the dividend from last year by declaring a fully imputed final dividend of 20.5 cents per share to be paid to shareholders on 10 December 2001 with a record date of 30 November 2001. Combined with the interim dividend of 14.5 cents paid on 7 May 2001 this brings the total dividend to 35 cents per share, fully imputed.

The management team put in place when previous managing director, Phillip Shewell, stood down has been planning in-store enhancements throughout the year. Mr Shewell’s replacement, Richard Holden, took over the role of managing director in early October.

The first of the improvements are already in place with the revamp of the children’s and haberdashery departments and the replacement of the music store with a sophisticated outlet for Crabtree & Evelyn. The next wave of renovations is due to start early in the New Year when extensive modernisation of the ground floor of the store will ensure the Kirkcaldie & Stains retains its premier status on the Capital’s retail scene for many more years.

Trading since the end of the financial year has been strong with no apparent reduction in sales due to the events in the USA in September and the subsequent international response. The Christmas Shop, opened in early October, marked the start of the build up to the Festive Season and is already showing solid increases on last year.

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