Same here Percy. I am not an enthusiastic investor in retailers but bought a small parcel on Friday after seeing their stunning result. They sure know how to run retail businesses.
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This is great, so many experienced investors can't possibly all be wrong :lol: Feeling really good about this one and what about the timing of that 17 cent final divvy payment, exactly one week before Christmas...can I have my divvy gift wrapped with a pretty red bow on it please :)
HLG increased NPBT by $5.0m in F17 over F16
Some $8.8m came from selling more stuff in F17 and $5.3m came from improved gross margins compared to F16. The cost of doing business (expenses) increased by $9.1m - which gives the $5.0m extra profit
Highlight would have been the amazing gross margin in the second half of the year - this was nearly 60% compared to 56.5% in same period in F16. Is 60% sustainable?
Dividends paid were again more than free cash flow.
Their mountain of cash has shrunk from $23.7 in F15 to $12.5m in F17 - but as long as its going to shareholders that's OK. Probably last for a while yet but wouldn't want a 'bad' year in the foreseeable future.
Already collected 2 early diviidends in last month so I'm happy - hanging in there for another
Glassons have one less competitor
https://www.stuff.co.nz/business/975...es-in-business
From Percy's book of stories.
When Kimberley's first started out it was in the years of stores being open Monday to Friday only.
Kimberley's had a store in Merivale, and opened their second store in New Brighton, which was the only area in Christchurch which was allowed to open on a Saturday.Not having the money to stock both stores, it was a matter of moving stock from Merivale to New Brighton on a Friday night, and then moving it back to Merivale on a Sunday.Hard work.So Kimberley's have gone,Merivale and Northlands Paper Plus have closed,along with Newmarket Paper Plus.
ps.Mall rents are cruel.
There was that other womans shop next door that closed not so long ago (Quins?)
I have no interest in retail at the moment - Amazon strikes me as posing too big a threat to box type retailers. Warehouse may be the one exception - but I've been in and out of them profitably already.
Another great story.Margaret Quinn had an eye for fashion and decided to open a fashion store in Merivale.Was very difficult for a new store to attract a designer label to sell.She opened with 5 labels.She and her builder husband owned their own store on Papanui Road that backed onto what would become Merivale Mall.Then when the Mall was developed their store fitted into the Mall.I think they sold their property to the mall and rented space in the mall.I think she tried without success to sell the business before she diedThe store closed.
For legal reasons I can not talk about Merivale Paper Plus closing,while Whitcoulls will open in Merivale Mall.
I do know book lovers will be very unhappy.