![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Oasis Stores | LSE:OAS | London | Ordinary Share | GB0006550577 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS No 5186x OASIS STORES PLC 28th September 1998 Contacts: Michael Bennett, Chairman Dominic Lavelle, Finance Director Oasis Stores Plc Tel: 0171 452 1000 Charles Watson Tom Baldock Financial Dynamics Tel: 0171 831 3113 OASIS STORES PLC Interim Results Announcement For the 26 weeks ending 1st August 1998 Highlights * Turnover increased by 20% to #47.6m (1997: #39.6m) * Oasis store sales up 19% * Like-for-like sales up 9% * Pre-tax profit up 30% to #4.8m (1997:#3.7m) * Product well received by customers * Acquisition of Coast * Earnings per share increased 30% to 6.13p (1997: 4.70p) * Dividend up 10% to 2.65p (1997: 2.40p) Commenting on the results, Chairman Michael Bennett said: "After last year's disappointment it is very pleasing to report this improved performance. Our customers' response to the Autumn/Winter 1998 range has been encouraging but, as always, Oasis' performance for the full year will be dependent on the important Christmas period." CHAIRMAN'S STATEMENT INTRODUCTION I am pleased to report that our recovery from the disappointment of last year is well underway. The 26 week period ending 1st August 1998 has produced a result in line with our expectations. Our product has been well received by our customers, resulting in a 19% increase in Oasis retail store sales including like-for- like growth of 9%. This performance corresponds with the growth levels reported at the AGM in June. When these figures are adjusted for the effects of foreign exchange movements, they result in total sales growth of 17% including like-for-like of 8%. Gross margins grew slightly from 51.9% to 52.0%. Pre-tax profits grew by 30% to #4.8m (1997: #3.7m) and earnings per share rose by 30% to 6.13p (1997: 4.70p). The Board proposes to raise the interim dividend by 10% to 2.65p (1997: 2.40p). UK & IRELAND During the period, like-for-like sales increased by 9% and total sales by 17%. Our established stores increased both their sales and profit contribution and the newer stores also performed well. Our concessions continued to make progress, both on a like-for-like and total sales basis. In the first half of the year we opened 2 new branches and 2 new concessions and we plan to open 5 further branches and 3 concessions in the second half including our first branch in Northern Ireland. The Irish stores made a valuable contribution to sales, although the bottom line continues to be affected by the strength of sterling. OVERSEAS Germany Overall sales grew by 77% in the period, including 20% like-for-like growth before the impact of foreign exchange movements reduced this to 9% like-for- like. As in Ireland, profitability was affected by the strength of sterling. No new stores were opened during the period and no openings are planned for the second half. Our concession in Neuss was closed during the period. Licensees In the period, our overseas licensees represented 4.4% of Oasis' sales, up from 4.1% last year, and 2 new stores were opened in Taiwan. There are 4 further openings planned for the second half, including a major store in Kuwait and our first store in Norway. COAST In April we acquired the trade and assets of the 'Coast' retail business which comprised of 29 concessions and one branch. Coast is a womenswear brand retailing at higher price points than our existing Oasis brand. It is intended to develop Coast as a separate chain and we plan to open 3 new shops and one concession during the second half. However its impact on the financial performance of the Company is not expected to be material for some time. HEAD OFFICE Both distribution and head office costs grew in line with plan and costs have reduced from 44.6% to 43.3% of sales. We opened a buying office in Hong Kong during the period which is already producing efficiencies in our supply chain. We place high importance on ensuring, as far as reasonably possible, that the business and its trading relationships are not impacted as a result of year 2000 problems. A project has been established to review the compliance status of all our systems, performing remedial or replacement work where necessary and is closely liaising with our suppliers and business partners on the subject. The project will be completed during the course of 1999. OUTLOOK In the first 7 weeks of the second half, Oasis retail store sales were ahead by 29% including like-for-like 19%, an encouraging start. This strong level of sales increase was against a background of weak 1997 comparatives and markdowns effected during August. As a result, profit contribution for the 7 week period is broadly in line with our expectations. Sales of the new season range are progressing well. However, the general retailing environment remains challenging and, as always, results for the full year will be dependent on the important Christmas period. I would like to take this opportunity to express my thanks to all my colleagues for their energy and commitment after last year's difficulties. In addition to the importance of the brands our strength has always been in teamwork and respect for each other's skills and the fruits of these practices are reflected in the current improving trend. Profit and Loss Account 26 weeks 26 weeks 53 weeks ended ended ended 31st January 1st August 26th July 1998 1998 1997 Audited Unaudited Unaudited #'000 #'000 #'000 Turnover 47,645 39,580 92,936 Cost of sales (22,887) (19,033) (46,665) Gross profit 24,758 20,547 46,271 Net operating expenses (20,639) (17,645) (37,524) Operating profit 4,119 2,902 8,747 Net interest receivable 650 778 1,616 Profit on ordinary activities before taxation 4,769 3,680 10,363 Taxation (1,551) (1,215) (3,479) Profit for the financial period 3,218 2,465 6,884 Dividend (1,390) (1,259) (3,934) Retained profit for the financial period 1,828 1,206 2,950 pence pence pence Earnings per share 6.13 4.70 13.12 Balance Sheet As at As at As at 1st August 26th July 31st January 1998 1997 1998 Unaudited Unaudited Audited #'000 #'000 #'000 Fixed assets Tangible fixed assets 18,047 14,316 16,818 Goodwill 246 - - 18,293 14,316 16,818 Current assets Stock 14,591 8,809 9,850 Debtors 4,883 3,212 4,870 Short term deposits and cash 853 9,899 7,130 20,327 21,920 21,850 Creditors due within one year (9,843) (11,355) (13,213) Net current assets 10,484 10,565 8,637 Long term creditors and provisions (2,039) (1,715) (546) Net assets 26,738 23,166 24,909 Capital and reserves Share capital 5,246 5,246 5,246 Profit and loss account 21,492 17,920 19,663 Equity shareholders' funds 26,738 23,166 24,909 Cash Flow Statement 26 weeks ended 26 weeks 53 weeks ended 1st August ended 31st January 1998 26th July 1998 Unaudited 1997 Audited #'000 Unaudited #'000 #'000 Operating profit 4,119 2,902 8,747 Depreciation 2,288 1,744 4,062 Working capital movement (5,701) (1,456) (3,419) Net cash inflow from operating activities 706 3,190 9,390 Returns on investments and servicing of finance 650 779 1,615 Tax paid (1,196) (1,332) (5,612) Capital expenditure Purchase less sale of tangible fixed assets (3,763) (3,310) (7,576) Equity dividends paid (2,675) (2,570) (3,829) (Decrease) in cash (6,278) (3,243) (6,012) Notes 1. Comparative figures The comparative figures for the fifty three week period ended 31st January, 1998 and the summary balance sheet as at 31st January, 1998 have been extracted from the Company's 1997/8 Report and Accounts which have been filed with the Registrar of Companies. The auditor's opinion on those accounts was unqualified and did not include a statement under Section 237(2) or (3) of the Companies' Act 1985. 2. Accounting Policies The interim statements have been prepared on the basis of the accounting policies set out in the Company's 1997/8 Report and Accounts with the exception of a new accounting policy concerning goodwill acquired during the period, where goodwill has been capitalised and amortised over 20 years in accordance with FRS10. 3. Earnings per Share The calculation of earnings per share is based on the profit on ordinary activities after taxation and a weighted average number of share being 52,457,175 ordinary shares of 10p in issue (1997: 52,457,175). 4. Interim Dividend An interim dividend of 2.65p per ordinary share (1997: 2.4p) will be paid on 6th November, 1998 to shareholders on the register as at 16th October, 1998. Report of the Auditor Review Report by the Auditor to Oasis Stores Plc We have reviewed the interim financial information for the twenty six weeks ended 1st August, 1998 set out in this report which is the responsibility of and has been approved by the Directors. Our responsibility is to report on the results of our review. Our review was carried out having regard to the Bulletin "Review of Interim Financial Information", issued by the Auditing Practices Board. This review consisted principally of applying analytical procedures to the underlying financial data, assessing whether accounting policies have been consistently applied, and making enquiries of management responsible for financial and accounting matters. The review was substantially less in scope than an audit performed in accordance with Auditing Standards and accordingly we do not express an audit opinion on the interim financial information. On the basis of our review: - in our opinion the interim financial information has been prepared using accounting policies consistent with those adopted by Oasis Stores Plc in its financial statements for the fifty three week period ended 31st January, 1998 other than where changes are necessary to implement the new accounting policy as described in Note 2 and - we are not aware of any material modifications that should be made to the interim financial information as presented. KPMG Audit Plc Chartered Accountants 28th September 1998 END IR AVUBKWWKKUAR
1 Year Oasis Stores Chart |
1 Month Oasis Stores Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions