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In reply to: alonso on Tuesday 14/11/06 01:38pm

Yeah - on the day of the consolidation MRL did trade in the high 1.80s to low 1.90s but as trisail said they have retreated since.

 

IMHO this consolidation was a total waste of time and more importantly money

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Shame to see that changing the name hasn't changed old habits - typical announcement from SFH/MRL regarding the share buy back, just the bare bones - no fanfare, no profit update nothing.

 

Hope there is enough cash left in the kitty after this to pay a decent dividend!

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They did say that payment of dividends should recommence in the 2006/2007FY. Be very surprised if they didn't cough up, they used to go ex in Mar so I guess we won't hear anything until some time in Feb
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Results out and looking pretty good. Div of 9.5cents declared which is very welcome. SP up sharply. About time too.......

 

Specialty Fashion Group Limited (ASX: SFH) today announced a Net Profit After Tax (NPAT) of $18.5m for the six months ended 31 December 2006, a 10% increase for the Apparel business (continuing operations) compared to the previous corresponding period. This NPAT of $18.5m is also up $40m when compared to the total Company result in the previous corresponding period.

The Board of Specialty Fashion Group also announced the recommencement of dividend payments for the first time since October 2004. A fully franked interim dividend of 9.5 cents was declared - payable to all shareholders on the register on 23rd February 2007. The dividend will be payable from free cashflow generated from the business during the six months ended 31 December 2006.

Revenues for the 6 month period were $269m, a 0.3% improvement on the previous corresponding period. Earnings before interest, tax, depreciation, impairment and amortisation (EBITDA) were $30.4m compared to the previous corresponding period of $32m. As at 31 December 2006, store numbers reached 736 stores, an increase of 22 for the six month period.

Specialty Fashion Group CEO Gary Perlstein said: ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“We are satisfied with the result.

In the prior 6 months to 31 December 2005, the Company achieved strong 15% like for like sales growth and this 6 month periodÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s like for like sales growth of -2% shows that we have maintained the momentum and further consolidated our brand positioning strategy.ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ

Following the 8 for 10 share consolidation that took effect during the period where the number of shares on issue was reduced from 245m to 196m, earnings per share (EPS) from

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n Geoff Levy said: ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“Operating cash flows of $46.9m were driven by disciplined

orking capital management. As a result, the Company had $48.1m cash on hand as at 31

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share buy-back program as part of its on going capital management program. ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“We

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December 2006, after the $49m capital returned to shareholders during the period.ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ In addition to the capital return and share consolidation, the company will commence

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have had a look at a number of other potential acquisitions in our industry and our own shares look attractive in comparison,ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ Mr Levy said. As previously announced, the Company acquired the

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approximately $4 million and has been funded by cash from internal sources. The Company plans to maintain the Big City Chic brand (currently 21 stores), which sells affordable fto larger size women. Big City Chic caters to a younger demographic than the CompanyÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s existing larger size brand, Autograph. The remaining stores will be rebranded to existing brands - Autograph, Crossroads, Katies and MillerÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s Fashion Club. It is anticipated that thisacquisition will be earnings neutral for the current financial year to 30 June 2007, with thebenefits expected from financial year 2008 onwards. Gary Perlstein said: ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“The recently undertaken restruct

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IT upgrade program which commenced this month should further enhance our merchandising and marketing capability. Our team is highly motivated and excited about our future growth prospectsÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ.

 

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In reply to: snakecatcher on Wednesday 14/02/07 09:47am

edited post

 

Results out and looking pretty good. Div of 9.5cents declared which is very welcome. SP up sharply. About time too.......

 

Specialty Fashion Group Limited (ASX: SFH) today announced a Net Profit After Tax (NPAT) of $18.5m for the six months ended 31 December 2006, a 10% increase for the Apparel business (continuing operations) compared to the previous corresponding period. This NPAT of $18.5m is also up $40m when compared to the total Company result in the previous corresponding period.

The Board of Specialty Fashion Group also announced the recommencement of dividend payments for the first time since October 2004. A fully franked interim dividend of 9.5 cents was declared - payable to all shareholders on the register on 23rd February 2007. The dividend will be payable from free cashflow generated from the business during the six months ended 31 December 2006.

Revenues for the 6 month period were $269m, a 0.3% improvement on the previous corresponding period. Earnings before interest, tax, depreciation, impairment and amortisation (EBITDA) were $30.4m compared to the previous corresponding period of $32m. As at 31 December 2006, store numbers reached 736 stores, an increase of 22 for the six month period.

Specialty Fashion Group CEO Gary Perlstein said: ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“We are satisfied with the result.

In the prior 6 months to 31 December 2005, the Company achieved strong 15% like for like sales growth and this 6 month periodÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s like for like sales growth of -2% shows that we have maintained the momentum and further consolidated our brand positioning strategy.ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ

Following the 8 for 10 share consolidation that took effect during the period where the number of shares on issue was reduced from 245m to 196m, earnings per share (EPS) from the apparel business improved to 9.5c from 6.9c reported in the previous corresponding period.

 

Chairman Geoff Levy said: ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“Operating cash flows of $46.9m were driven by disciplined

working capital management. As a result, the Company had $48.1m cash on hand as at 31

December 2006, after the $49m capital return to shareholders during the period.

 

in addtion to the capital return and share consolidation, the company will commence an on market share buy-back program as part of its on going capital management program. ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“We

have had a look at a number of other potential acquisitions in our industry and our own shares look attractive in comparison" Mr Levy said.

 

As previously announced, the Company acquired the assets of the Chain Reaction business

effective 1 January 2007. The purchase consideration for the 42 stores acquired was approximately $4 million and has been funded by cash from internal sources.

The Company plans to maintain the Big City Chic brand (currently 21 stores), which sells affordable fashion to larger size women. Big City Chic caters to a younger demographic than the CompanyÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s existing larger size brand, Autograph. The remaining stores will be rebranded to existing brands - Autograph, Crossroads, Katies and MillerÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s Fashion Club. It is anticipated that this acquisition will be earnings neutral for the current financial year to 30 June 2007, with the benefits expected from financial year 2008 onwards.

 

Gary Perlstein said: ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“The recently undertaken restructure of our brands has provided the platform to seamlessly integrate this acquisition into our business. In addition, our significant IT upgrade program which commenced this month should further enhance our merchandising and marketing capability. Our team is highly motivated and excited about our future growth prospectsÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ.

 

 

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In reply to: snakecatcher on Wednesday 14/02/07 11:10am

Hi snake!

Thought I'd find you here.

Missed that ann again, don't know what it is about SFH.

Great news. I've been waiting for a chance to get out but you know what, I'm gonna top up instead. Probably live to regret it but what the heck.

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In reply to: alonso on Wednesday 14/02/07 11:41am

nice turnaround story emerging for 2007...trading at a discount to its peer's , trading at a pe of 13 should be 18 , thats about another 30% upside , dont forget the divy , and pretty much cashed up about 48m,

 

probably the bad days are over... http://www.sharescene.com/html/emoticons/graduated.gif

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In reply to: alonso on Wednesday 14/02/07 10:41am

Hey Alonso,

 

Been a long time coming but I think SFH may well have turned the corner. Probably not a bad idea to top up - if you assume they pay a final dividend of say 6 cents (which is hopefully conservative) then the yield is around 8% fully franked (at 1.95) which is pretty good. And as mr metal said they are also trading at a discount to their peers.

 

Happy days!

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