Kirks posts $1.62 million f-y profit

By NZPA

Friday 1st November 2002

Upmarket department store Kirkaldie & Stains Ltd today posted a $1.62 million after tax profit for the full year to August 31.

The result was 20.5 percent lower than the $2 million profit recorded a year earlier, which was buoyed by a one-off adjustment for the future tax benefit of a rent underwriting fee.

The listed retailer will pay a dividend of 12 cents per share on December 9.

The result includes five months' operations of Kirkcaldie & Stains Properties Ltd, the new subsidiary that acquired the neighbouring Harbour City Centre at the end of March 2002.

Retail sales of $37.68 million were 6.4 percent higher than the previous period, resulting from a major facelift of the company's main Lambton Quay store during the year plus a general buoyancy in the retail sector.

Rental income rose to $2.17 million from $410,000 the previous year, as a result of the Harbour City purchase.

During the year the retailer opened one store in the Harbour City Centre, trading as 8214 Girls Zone, a shop aimed at 8 to 14 year old girls.

Lingerie on Brandon opened in the centre in September and more recently The Kirkcaldie's Gift Box was opened to cater to Christmas shoppers.

Occupancy of the Harbour City Centre is currently at about 98 percent.

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