Increased demand improves performance

– Making Kiwi Lives Better Through Technology

Noel Leeming sales were $752.1 million with same-store sales increasing 14.2% for the year. On a like-for-like basis same-store sales increased by 13.8%. Total sales increased by 13.0% (52 weeks compared to 53 weeks). The second half sales of $372.3 million were up 11.1% (26 weeks compared to 27 weeks) and same-store sales were up 17.1% (like-for-like 16.6%).

Same-store sales in the fourth quarter were up 16.7%. The strong performance in this quarter reflected continued strong demand for both Whiteware and Communication products, as well as demand for televisions.

Operating profit was $12.1 million, 87.6% above last year. The second half saw operating profit of $5.7 million, which was up 39% on the second half last year ($4.1 million).

Noel Leeming continues to be the market leader, outpacing its competitors and growing market share throughout the year. We have benefited from the exit of Dick Smith Electronics from the market during the year, by gaining market share and incremental sales in the second half.