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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vail Resorts Inc | NYSE:MTN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 179.60 | 0 | 13:39:00 |
RNS Number:5860Q Matalan PLC 07 October 2003 Group Interim Results for 26 weeks ended 30th August 2003 * Profit before tax: #41.2m (27 weeks ended 31st August 2002: #53.6m) * Turnover: #507.6m (2002: #492.2m) * Gross margin: 43.0% (2002: 42.9%) * Matalan Retail like for like sales: -6.7% (2002: +4.2%) * Basic earnings per share: 7.3p (2002: 9.1p) * Interim dividend: 2.7p per share (2002: 2.7p per share) John Hargreaves, Group Chairman of Matalan said today: "The results for the last six months have been disappointing with profits below last year's level. The Board believes that the majority of actions needed to deliver a credible Autumn/Winter season and onwards have been implemented and expect these to contribute to a stronger performance in the second half of the year. Early results are encouraging with Matalan Retail's sales for the five weeks ended 4th October growing 16.2% overall and 5.7% like for like, driven by new Autumn/Winter ranges and more effective marketing spend. Gross margins are as planned." John King, Group Chief Executive of Matalan said today: "Over the last six months we have worked hard to re-establish Matalan's value proposition - Great Prices, Great Promotions, Great Quality and Great Choice. I am confident we have made a good start with the Autumn/Winter season and can build upon this for the Spring/Summer season." Contact: MATALAN Tel no: 01695 552400 John King, Group Chief Executive Phil Dutton, Group Finance Director TULCHAN COMMUNICATIONS Tel no: 020 7353 4200 Kirstie Hamilton/Katie Macdonald-Smith Interim Statement and Review of Activities Group Results In the 26 week period ended 30th August 2003, Group sales increased to #507.6m (2002: 27 week period ended 31st August 2002 #492.2m), gross margins improved by 0.1 percentage point and operating profit decreased to #42.1m (2002: #54.0m). After net interest payable of #0.9m (2002: #0.4m), profit before tax was #41.2m (2002: #53.6m). Capital investment was #22.9m (2002: #28.2m), incurred mainly on new space and systems development. Terminal stock levels were lower than last year, although total stock levels at 30th August were disproportionately higher than last year as product was brought in early as part of the implementation of our new supply chain systems and to replenish stocks following the sell through of Spring/ Summer ranges. Cash outflow in the period was #5.5m (2002: inflow #5.0m). Net debt at 30th August was #23.3m (2002: net funds #0.5m). Dividend The Board is declaring an interim dividend of 2.7p per share, the same as last year. Matalan Retail Business Performance The key contributor to lower profits was the under-performance of the core retail business, with total sales increasing by 3.3% to #473.6m (2002: #458.6m) and like for like sales on a comparable 26 week period falling 6.7% (2002: increase of 4.2%). There are three main causes of the poor sales performance across the first half:- * reduction in density of stock, reducing choice for our customers * inconsistency in the monthly mailer * range gaps, particularly in classic ladieswear. The lower than expected sales resulted in a higher level of markdown than forecast. Despite this, gross margins were flat year on year at 42.2%. The overhead cost to sales ratio has increased by 2.8 percentage points year on year. One off termination payment costs linked to senior management changes amounted to #2.0m, representing 0.4% of the increase in costs. The balance was principally a result of lower than expected sales and the increase in fixed property costs. As a result, operating profit was #41.2m (2002: #53.0m), with an operating margin of 8.7% compared to last year's 11.5%. Active membership has grown by over 0.8 million in the first half, and there are now over 9.9 million active members. Additional Space Programme During the period, Matalan opened 8 new stores (including 1 re-site), bringing the total to 170 stores at the half year, compared to 13 new (including 1 re-site) a year ago. In aggregate, an additional 0.3 million square feet of net selling space was added to the estate in the period. The second half opening programme is expected to add a further 0.3 million square feet of net selling space from 8 new stores and 2 re-sites (2002: 8 new stores, 5 re-sites and 2 extensions). Total net selling space is expected to grow to 5.1 million square feet by the year-end. Systems The system change programme has continued at pace. All warehouses have now been converted to new systems with minimum disruption to ongoing trade. Delivering A Credible Autumn/Winter Performance The objective over the last six months has been to return the business to like for like sales and earnings growth. In doing so, three key principles have been followed; stability, consistency and sustainability. Stability of management for our colleagues; consistency in terms of value delivery for our customers; and sustainability of earnings growth for our shareholders. Over this period we have worked towards underpinning our new Autumn/Winter ranges by re-establishing Matalan's value proposition - Great Prices, Great Promotions, Great Quality and Great Choice. We have introduced a clear good/better/best price architecture, regularly checked against the competition, for all our product ranges. We have also developed our marketing activity in order to ensure a consistent weight of compelling offers is presented to our customers week in week out. In order to deliver greater consistency in product quality, all of our sourcing partners' factories have been re-assessed for capability of delivery against our good/better/best product requirements, and we have closely reviewed ranges to ensure previous gaps are not replicated. Lee Cooper / Wolsey Lee Cooper contributed #30.1m of sales in the period, down 1.3% on last year's #30.5m. Operating profit, after goodwill amortisation charges, was slightly down on last year at #0.9m (2002: #1.0m). Wolsey contributed #3.9m of sales (19 weeks ended 31st August 2002: #3.1m) in the period and operating profit of #nil (2002: #nil). Long Term Incentive Scheme A circular to shareholders will be sent with the Interim Report calling an Extraordinary General Meeting on 18th November to approve a new long term incentive scheme. Current Trading Matalan Retail's sales for the five weeks ended 4th October grew 16.2% overall and 5.7% like for like, driven by new Autumn/Winter ranges and more effective marketing spend. Gross margins are as planned. We still have much to do, but believe that we are now getting back on track. John Hargreaves GROUP CHAIRMAN 7th October 2003 MATALAN PLC Consolidated Profit and Loss Account for the 26 weeks ended 30th August 2003 Unaudited Unaudited Audited 26 weeks to 27 weeks to 53 weeks to Notes 30th August 31st August 1st March 2003 2002 2003 #'m #'m #'m Turnover 507.6 492.2 1,021.5 Operating profit 42.1 54.0 118.3 Net interest payable (0.9) (0.4) (0.9) Profit on ordinary activities before taxation 41.2 53.6 117.4 Taxation (11.4) (16.6) (30.7) Profit on ordinary activities after taxation 29.8 37.0 86.7 Dividends 1 (11.1) (11.2) (33.3) Profit retained for the period 18.7 25.8 53.4 Earnings per share 2 Basic 7.3p 9.1p 21.3p Diluted 7.2p 9.1p 21.2p MATALAN PLC Consolidated Balance Sheet at 30th August 2003 Unaudited Unaudited Audited Notes 30th August 31st August 1st March 2003 2002 2003 #'m #'m #'m Fixed assets Intangible 36.3 38.3 37.3 Tangible 3 174.6 148.4 167.6 Investments 3 22.7 24.1 22.5 233.6 210.8 227.4 Current assets Stocks 152.7 115.5 135.0 Debtors 37.0 27.6 22.5 Cash at bank and in hand 30.9 3.1 16.2 220.6 146.2 173.7 Creditors: Amounts falling due within one year (194.9) (141.9) (159.8) Net current assets 25.7 4.3 13.9 Total assets less current liabilities 259.3 215.1 241.3 Creditors: Amounts falling due after more than one year (13.3) (17.5) (14.8) Provision for liabilities and charges (10.3) (7.6) (9.5) Net assets 235.7 190.0 217.0 Capital and reserves Called up share capital 42.0 42.0 42.0 Share premium 2.0 2.0 2.0 Profit and loss account 191.7 146.0 173.0 Total equity shareholders' funds 235.7 190.0 217.0 MATALAN PLC Consolidated Cash Flow Statement for the 26 weeks ended 30th August 2003 Unaudited Unaudited Audited Notes 26 weeks to 27 weeks to 53 weeks to 30th August 31st August 1st March 2003 2002 2003 #'m #'m #'m Cash flow from operating activities 4 56.2 62.5 107.8 Returns on investments and servicing of finance (1.0) (0.3) (0.9) Taxation paid (14.8) (5.2) (26.2) Capital expenditure and financial investment (23.9) (25.2) (56.0) Acquisitions - (7.3) (7.3) Dividends paid (22.0) (19.5) (30.6) Cash (outflow)/inflow before use of liquid resources and financing (5.5) 5.0 (13.2) Management of liquid resources (3.5) 11.8 11.8 Financing (2.5) (0.3) (0.2) (Decrease/increase in cash in the period (11.5) 16.5 (1.6) Reconciliation of cash flow to movement in net debt (Decrease)/increase in cash in the period (11.5) 16.5 (1.6) Cashflow from debt 2.5 0.3 0.2 Net debt issued to acquire subsidiary - (2.5) (2.5) Cashflow from liquid resources 3.5 (11.8) (11.8) (5.5) 2.5 (15.7) Exchange adjustments - 0.1 - Movement in net (debt)/cash in the period (5.5) 2.6 (15.7) Net debt at the beginning of the period (17.8) (2.1) (2.1) Net (debt)/funds at the end of the period (23.3) 0.5 (17.8) MATALAN PLC Consolidated Statement of Total Recognised Gains and Losses for the 26 weeks ended 30th August 2003 Unaudited Unaudited Audited Notes 26 weeks to 27 weeks to 53 weeks to 30th August 31st August 1st March 2003 2002 2003 #'m #'m #'m Profit for the financial period 29.8 37.0 86.7 Exchange adjustments - 0.6 - Total recognised gains and losses since previous financial statements 29.8 37.6 86.7 Notes 1. Dividends The Directors have declared an interim dividend of 2.7p per share, costing #11.1m, which will be paid on 4th December 2003 to those shareholders whose names are on the Register of Members at close of business on 7th November 2003. The ordinary shares will become ex-dividend on 5th November 2003. 2. Earnings Per Share 26 weeks to 27 weeks to 53 weeks to 30th August 31st August 1st March 2003 2002 2003 Per share Per share Per share amount amount amount pence pence pence Basic earnings per share 7.3 9.1 21.3 Diluted earnings per share 7.2 9.1 21.2 2003 2002 2003 #'m #'m #'m The calculation of basic and diluted earnings per share is based on: Profit on ordinary activities after taxation 29.8 37.0 86.7 Number of Number of Number of shares shares shares millions millions millions Weighted average number of shares used in basic earnings per share calculation 408.1 405.7 406.7 Dilutive shares from exercisable options 4.6 2.5 2.1 Weighted average number of shares used in diluted earnings per share calculation 412.7 408.2 408.8 The weighted average number of shares excludes shares held by the Employee Benefit Trust (EBT) and the Matalan Qualifying Employee Share Trust (QUEST) and is adjusted for the issue of shares during the year. 3. Capital Expenditure and Investments Capital expenditure incurred during the half year was #22.9m (2002: #28.2m). Additional shares in the company to the value of #1.7m (2002: nil) were purchased through the QUEST. 4. Reconciliation of Operating Profit to Operating Cash Flows 26 weeks to 27 weeks to 53 weeks to 30th August 31st August 1st March 2003 2002 2003 #'m #'m #'m Operating profit 42.1 54.0 118.3 Depreciation 11.6 10.5 21.3 Amortisation of intangible fixed assets 1.0 2.0 3.0 Amortisation of investments in own shares 1.3 0.3 0.5 Loss on sale of tangible assets 0.8 1.7 1.2 Increase in stocks (17.7) (7.6) (27.9) Increase in debtors and prepayments (14.5) (4.6) (0.5) Increase/(decrease) in creditors 31.6 6.2 (8.1) Net cash flow from operating activities 56.2 62.5 107.8 5. Basis of Preparation This interim report has been prepared using accounting policies consistent with those set out in the 2003 Annual Report and Accounts. The comparative figures for the period ended 1st March 2003 do not constitute statutory accounts. These figures have been extracted from the audited accounts for that year, which have been delivered to the Registrar of Companies and on which the Auditors issued an unqualified report, which did not contain a statement under either section 237(2) or (3) of the Companies Act 1985. The financial information for the 26 weeks to 30th August 2003 and the comparative half year information is unaudited. It has been reviewed by the Auditors, PricewaterhouseCoopers LLP. Independent review report to Matalan PLC Introduction We have been instructed by the company to review the financial information which comprises the consolidated profit and loss account, the consolidated balance sheet, the consolidated cash flow statement, the consolidated statement of total recognised gains and losses and the related notes. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the interim report in accordance with the Listing Rules of the Financial Services Authority which require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. This report, including the conclusion, has been prepared for and only for the company for the purpose of the Listing Rules of the Financial Services Authority and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the twenty six week period ended 30th August 2003. PricewaterhouseCoopers LLP Chartered Accountants Manchester 7th October 2003 Notes: a. The maintenance and integrity of the Matalan plc website is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the interim report since it was initially presented on the website. b. Legislation in the United Kingdom governing the preparation and dissemination of financial information may differ from legislation in other jurisdictions. This information is provided by RNS The company news service from the London Stock Exchange END IR DGMGGVVGGFZM
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