KEY POINTS:
A tough New Zealand trading climate has improved somewhat in the past six months for Australasian fashion retailer Just Group.
Just Group, whose brands include Just Jeans, Portmans, Jay Jays, Dotti, Peter Alexander and Jacqui E - all present in New Zealand - has reported a full-year net profit of A$61.4 million ($73.5 million), excluding items.
In New Zealand, the falling dollar had some effect on profit, but sales improved in the second half.
Same store sales gained 1.4 per cent during the winter season, and total sales for the year were up 9.3 per cent.
The group opened nine new stores, making it the "largest speciality fashion chain" in New Zealand with 132 stores.
"Trading in New Zealand is expected to continue to be challenging with increased competition from new entrants and generally tougher economic conditions," managing director Jason Murray said.
Murray noted that apparel sales in New Zealand correlated strongly with the economy. Sales grew by 9-16 per cent in late 2005-early 2006, but the increase slowed to between 3.2 and -1.1 per cent during the cool summer season last year.
- NZPA
