Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Kirkcaldie & Stains Announces Full Year Surplus

News release 29 October, 2001

165-177 Lambton Quay, Wellington
www.kirkcaldies.co.nz

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.

Further information:
n.bartle@kirkcaldies.co.nz

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Serious Fraud Office: Commences Enquiries Into Allegations Of COVID-19 Wage Subsidy Fraud
The Serious Fraud Office has commenced a number of enquiries into alleged abuse of the Government’s COVID-19 Wage Subsidy. Director Julie Read said the allegations relate to multiple complex cases of potential fraud that have been referred to the agency following extensive investigations ... More>>



Environment: Preliminary Environmental Data On New Zealand’s Air Quality Released Today

The Ministry for the Environment and Stats NZ have published the Our air 2021: preliminary data release today. We are currently working to revise the Our air 2021 report to incorporate analysis of the World Health Organization (WHO) 2021 air quality guidelines that were released on 23 September 2021... More>>


Statistics: Food Prices Rise For Sixth Consecutive Month
Food prices rose 0.5 percent in September 2021 compared with August 2021, mainly influenced by higher prices for grocery food and meat, poultry, and fish, Stats NZ said today. September’s movement is the sixth consecutive monthly rise. After adjusting for seasonality, prices rose 0.9 percent... More>>



Reserve Bank: Robust Balance Sheets Yield Faster Economic Recovery

Stronger balance sheets for households, businesses, financial institutions and the government going into the pandemic contributed towards maintaining a sound financial system and yielding a faster economic recovery than following previous deep recessions... More>>


Transpower: Releases Independent Report Into Events Of August 9
Transpower’s Chief Executive Alison Andrew has today released an independent report into the grid emergency of August 9 when insufficient generation was available to meet demand, leading to some customers being disconnected... More>>

Bayleys: Latest Lockdown Adds Further Fuel To Industrial Property Market

The recent construction shutdown resulting from Auckland’s Covid 19’s lockdown restrictions has put additional pressure on an industrial property market that is already struggling to keep pace with demand... More>>