Higher sales improve Kirkcaldie's result

By Phil Boeyen, ShareChat Business News Editor

Monday 29th October 2001

Wellington department store Kirkcaldie & Stains (NZSE: KRK) says more customers spending more money have boosted the company's bottom-line.

For the year to the end of August the retailer has recorded a net surplus after tax of $2.11million, up from last year's $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," the company says.

Revenue increased by 3.6% to $35.4 million which the store says came from consistently improved trading throughout the year.

"Not only have dollar values increased but so has the number of customers purchasing within the store."

Operating profit fell but Kirks says that reflected increases in operating expenditure as part of a strategy to prepare the company and store for significant future developments.

The directors have maintained the dividend from last year at 20.5 cents per share bringing the annual payout to 35 cents per share.

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