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Kirkcaldie & Stains Announces Interim Result

26 APRIL 2002

The directors of Kirkcaldie & Stains Limited are pleased to announce a surplus after tax of $1.07 million for the six months to 28 February 2002, an increase of 5.5% from last year’s result of $1.01 million. The directors believe this is a very satisfactory outcome.

Sales in the six months to February 2002 were $20.01 million - 6.7% higher than the comparable period last year. This correlates well with the growth of the general New Zealand economy and in the retail sector in particular. The first half of the year contains the busy Christmas period, one of the store’s famous biannual sales and the build-up to Easter, which was particularly early in 2002.

Towards the end of the period, the company made a renounceable 1:2 rights issue of shares as part of the funding arrangements for the acquisition of the Harbour City Centre. Settlement of the purchase took place at the end of March, one month after the interim balance date.

The directors have declared a fully imputed dividend of 8.0 cents per share to be paid on Monday, 20 May 2002 to shareholders on the register at close of business on Friday, 10 May 2002. The reduced level of dividend per share was advised in the company’s investment statement. Funds are to be applied to reducing the debt required to purchase the Harbour City Centre. Shareholders can expect the dividend rate to rise as debt is repaid. Shares issued during the rights issue will be fully eligible for the dividend.

More obvious developments are taking place within the main store. An area of the ground floor has been screened off to permit the installation of an exciting new cosmetics area. Customers can look forward to new brands and a new look for Kirkcaldie & Stains.

Denis Tait, Chairman of Kirkcaldie & Stains Limited, says, “This is the first stage of a progressive modernisation of the ground floor that will be carefully managed to minimise inconvenience to customers and trading but also to maximise the benefit of opportunities in the Harbour City Centre. The future of the business is now more assured and holds greater potential than ever before.”

Ends

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