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Sales First Quarter (ended 31 October 2003)



From Today’s Annual General Meeting

27 November 2003

Sales First Quarter (ended 31 October 2003)

The sales for the quarter were $20.46 million with Postie+ being the strongest contributor. Strong sales from Postie+ were offset by lower than expected sales in Rendells and Arbuckles, resulting from unusually wet weather, particularly in the northern area.

Profitability for the quarter was in line with expectations.

The Company partially hedges its foreign exchange exposures usually one season in advance depending on volatility. The Company has largely hedged its US exposure for the Winter 2004 season to preserve margins for this period.

A larger format Postie+, including health and beauty, and a combined Postie+ Baby City, opened mid November in Addington, Christchurch. Early results are favourable. Expansion of this concept is dependent on suitable sites.

A new branch format for Arbuckles, incorporating improved fitout and merchandising, has opened in Dunedin. This is aimed at broadening the appeal of this business. This will be supported by some product refinement.

Similarly, a new modernized branch format for Rendells opens in Tauranga in December.

The Company believes these revised formats and synergies from the various businesses provide a good foundation for the future.


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