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In reply to: wolverine on Thursday 16/09/04 02:16pm

I do not hold -but if it helps I had a look over a mates shoulder today , http://www.ShareScene.com/html/emoticons/wink.gif


He had a Rivkin report update and it said hold for more upside a good result.



Sorry I can not post it ,good luck . http://www.ShareScene.com/html/emoticons/biggrin.gif

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Ferret's Stock to Watch: JUST GROUP LIMITED

08:20, Thursday, 16 September 2004




Sydney - Thursday - September 16: (RWE)






Almost a month ago The Ferret wrote up Just Group as a Stock to


It has made modest progress since in the market but traders so

far have not appreciated its potential.

Reason for the previous review in mid August was that the Jean

specialist, maker and retailer of young women's wearing apparel - The

Just Group - was about to purchase all the trading assets of the Dotti

fashion business.

The stockmarket was mildly supportive and the shares edged closer

to their peak price since listing in May.

The company has described the deal as a conditional agreement.

Dotti is a retailer of women's fashion apparel targeting the

teenage market and its stores are located in prime retail spots in major

shopping centres.

If the acquisition is finalised in October as indicated, it will

add another 10 stores to the Just Group which already operates 676

throughout Australia and New Zealand.

The Dotti brand has one of the highest levels of awareness in the

youth market and will form the basis of a significant new national chain

for the Just Group.

Meanwhile yesterday the Just Group But reported a stunning profit

result, lifting earnings 76.8 per cent to $39.96 million in the

53 weeks to July 31, 2004.

The result compared with a net profit of $22.61 million for the

52 weeks to July 26, 2003.

The record result was 22.6 per cent above prospectus forecast.

Earnings before interest, tax and amortisation of $75.3 million

represented a 53 per cent increase on the previous year's result and was

16.6 per cent higher than the prospectus forecast.

Revenue rose 10.2 per cent to $622.48 million from $564.94

million with comparable-store sales growing 5.8 per cent.

Earnings per share were 18.19c.

Final dividend is 3.5c, fully franked, payable on November 17 to

shareholders registered October 27.

This is 25 per cent better than the 2.8c forecast.





Shares of the Just Group yesterday closed 3c lower at $2.46 after

touching a record $2.54 in the morning session. They have

traded as low as $1.87 since listing on May 7. Issue price was $2.10.

The shares stood at $2.34 when the company announced its decision to

buy women's retailer Dotti which will form the basis of a new national

chain. Final payout of 3.5c is the full dividend for the year, currently

yielding 1.42 per cent.

Managing director Mr Howard McDonald said the group had enjoyed

robust trading conditions over the year.

"We have invested $17.6 million in capital expenditure to

upgrade 163 stores and open 48 new stores.

"An additional $7 million has been spent on a point-of-sale

upgrade and on our new distribution centre at Altona, which commenced

operation in January this year.

"We also closed 16 underperforming stores.

"We believe this commitment to continual investment in our

brands, with a drive to deliver what we call 'affordable fast fashion',

have contributed significantly to growth," Mr McDonald said.

All Just Group brands recorded sales levels above prospectus

predictions with the exception of Urban Brands.

Mr McDonald said given the absence of scalability, and an

inability to fully leverage the group's supply chain capability, Just

Group would exit the Urban Brands business next month.

"In combination with the sales coming from Dotti, the exit from

Urban Brands will not have a material effect on the group's revenue or

profitability in 2005," he said.

The group's womenswear businesses delivered a "standout

performance", achieving an EBITA of $21 million, surpassing the

prospectus forecast of $13.6 million by 54 per cent.

"On the whole, we enjoyed buoyant trading conditions in

Australia and steady conditions in our New Zealand operations," he said.

Mr McDonald declared the Just Group was well-positioned for a

continuing strong performance in the current year.

"We have opened the new season well and feel very confident

about the first half-year's result.

"On this basis, we believe the 2004/05 full year EBITA will

exceed $80 million, well in excess of the prospectus forecast of $73

million," he said.




The Just Group was listed on the Australian Stock Exchange in May

this year.

But the company opened its first store in Chapel Street Prahran

as Just Jeans in December 1970.

The group was founded by the Kimberley family and the company

claims the name Just Jeans became synonomyous with growth of denim jeans.

Business has grown dramatically in Australia and New Zealand over

that period and now operates 676 stores.

Chief executive Mr Howard McDonald says the company's new name

reflects its portfolio of brands.

The portfolio of brands includes Just Jeans, Jay

Jays, Urban Brands, Portmans, Jacqui E, and Peter Alexander.

The Just Group specialises in "fashions of the moment" which

means fast execution of designs to garments and into the stores within a

three month period.

It specialises on younger female casualwear with 90 per cent of

apparel sold under its own label.JST intends to open 20 net new

stores in 2004 and 14 in 2005, driven by Jay Jays and Portmans brands.


Just Jeans is the flagship brand, providing casualwear targeting

the 16-39 age group. It mainly sells company-owned brands, with some

third party stock. Product is largely sourced from Asia. The Group

does not intend to open many more new stores.

Jay Jays, acquired in 1993, offers casualwear targeting the value

conscious 16-24 market. The brand has been repositioned away from its

original focus on discount merchandise. Jay Jays only sells company-owned

brands, and product is largely sourced from Asia.

Urban Brands is a portfolio of street-fashion concept stores that

sell branded apparel. JST is also trialing Supermarket, a new

multi-format store, which will sell a range of street-fashion brands

targeted at the higher-end spend market.

Portmans, acquired in 2002, offers office and casualwear

targeting value-conscious 20-26 year old women. Portmans only sells

company-owned brands. Product is primarily sourced in Australia.

JACQUI E: Acquired in 1994, the brand targets 30-35 year-old

women. Jacqui E only sells company-owned brands, and product is

primarily sourced in Australia.

Peter Alexander offers sleepwear, fitness apparel, bed linen

and accessories. Sales are via the Internet and mail order, with one

outlet. Additional sales are generated through licensing




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