Corporates: Oroton, FPA, Gunns
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Shares in luxury clothing retailer and distributor, OrotonGroup Ltd jumped more than 14% on Friday after it increased full-year profit 16.1% in the year to July 25.The shares rose 67 cents to & #36;5.25 at the close after hitting a 52 week high of & #36;5.50 during trading.Net profit rose to & #36;19.4 million for the 12 months to July 25 compared with & #36;16.7 million in the prior corresponding period, the Sydney-based Oroton said in a statement to the ASX.Revenue rose 10.6% to & #36;135.6 million during the year as Oroton opened 13 new stores and closed two, taking the total to 70 from 59 at the end of July 2008.The company said it had opened two further stores since the end of the fiscal year and was planning two more & #160;openings during the current half year.Like for like store sales for the Group rose 8% over 2008, an impressive performance.But the full year result disguised a second half slowdown, which was contrary to what some other more mass market retailers experienced.The company said in March that first half net profit was & #36;12.5 million for the & #160;six months to & #160;January 24, 2009. That was an increase of 20.4% on the 2008 first half result of a profit of & #36;10.4 million.Revenue increased 11.4% to & #36;74.4 million (HY08: & #36;66.8 million) in the first half.Like for like store sales performance for the period was 12% for the Group.From those figures there was a clear second half slowdown, especially as shown in the like for like sales growth rate easing by a third in the closing six months of the year.But given the trading conditions in the latest half, it was still a very good result, as we saw last week from the much bigger David Jones which battled its way through the period as well.Oroton will pay a final dividend of 22 cents per share, as well as a special dividend of three cents, taking the full-year distribution to 41 cents, up from & #160;35 cents the year before.As always the payout, especially the final, is a good guide to how the board sees the coming year. & quot;Despite the challenging economic environment in fiscal 2009, OrotonGroup has continued to perform well, reflecting on the quality of our brands and the consistent execution of our strategy, & quot; chief executive Sally Macdonald said in the statement. & quot;Whilst we remain vigilant to the macro economic volatility, we believe there are considerable growth opportunities in Oroton to expand our domestic store base, product categories and enter new geographies. & quot;Oroton, which sells leather goods, jewellery and accessories under its own brand, as well as the Polo Ralph Lauren brand under licence, generated operating cash flow of & #36;23.4 million.
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