Bourse Cheers As Rebel Scores $16m Result
Sydney Morning Herald
Thursday September 11, 2003
Rebel Sport's shares were yesterday pushed to an all-time high of $3.02, up 25c thanks to a jump in demand for sporting goods in the lead-up to next month's Rugby World Cup and the 2004 Athens Olympics.
There was also the small matter of a jump in net profit to $16.3 million for the year to June 28, 2003.
It looked even better compared with Rebel's net profit of $8.1 million in the 15 months to June 30, 2002.
The odd, prior-year reporting period is a one-off as Rebel brings its balance date into line with that of its 55 per cent-owner, Harvey Norman. Harvey Norman also enjoyed the gains, as its own shares moved ahead by 13c, to close at $2.97.
The parent reports its earnings figures on Friday.
Retail analysts said the results were excellent given the weaker climate for sporting apparel.
Sales revenue was up 13.6 per cent from $243.8 million to $276.9 million, while important like-for-like sales, a measure which excludes new stores, rose 7.3 per cent on the previous year.
Shareholders will receive a final dividend of 5c a share and, together with the interim payment of 1c, the total payment will be 6c, fully franked.
The company did not declare a dividend in the 2001-02 year.
Rebel managing director Stephen Heath said sales for the consolidated group for July and August rose 3.6 per cent.
Mr Heath said that following on from the success of its Glue lifestyle and street fashion business, Rebel was looking to expand its home brands as well as to introduce new exclusive sporting brands aimed at young and older customers.
``We are very much looking forward to the year ahead," Mr Heath said.
``As the world's largest sporting event for the year approaches, the Rugby World Cup, followed by the lead in to the 2004 Olympic Games, we are well placed to take advantage of the associated retail opportunities surrounding these events," Mr Heath said.
© 2003 Sydney Morning Herald
