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The Reject Shop chairman Bill Stevens reiterated to shareholders they should reject the bid by Mr Geminder's Allansford bidding vehicle, saying it was highly opportunistic and timed to take advantage of the fall in the share price after an October profit downgrade.Īllensford, a bidding vehicle created by the Geminder family's $1.5 billion investment company Kin Group, has been extending its offer regularly.All of our best apps roundups are written by humans who've spent much of their careers using, testing, and writing about software. Mr Sudano said the retailer still aimed to open a net 10 new stores annually, but said it was having some "difficult conversations" with landlords in some locations for rent reductions, and that would influence store numbers. It will pay the first-half dividend on April 8. The company has cut its first-half dividend payment to 10¢ per share, from 24¢ a year ago. Goldman Sachs said The Reject Shop had painted a weak outlook and the deterioration in same-store sales was concerning. The Reject Shop on Wednesday announced that net profit after tax had fallen by 40.4 per cent to $10.6 million in the first half of 2018-19, with sales down 1.1 per cent to $432.7 million. "We plan to become the category leader of greeting cards in Australia". "There's a lot of learnings that we've taken out of the UK," Mr Sudano said. The Card Factory has more than 900 stores in Britain and Ireland and The Reject Shop has been working closely with it ahead of the roll-out in Australia, pitched at driving higher volumes, which in turn should help drive sales in other categories in the stores too, with higher numbers of shoppers arriving to pick up cards. "They were substantial," he said, when asked by analysts on an investor call to quantify the sales uplift in the eight stores.
THE GREETING CARD SHOP REVIEWS TRIAL
The trial was showing strong results, and he hoped the expanded range would be introduced across all the stores over time. The Reject Shop had been running a trial since mid-January in eight of its stores with an expanded greeting cards range, mostly priced at $2 each to drive volumes.
Mr Sudano said there was no clear market leader in the greeting cards market, and The Reject Shop was joining forces with British retailer Card Factory in a big push. "The sustained deterioration in The Reject Shop's financial performance over the period and a further deceleration in sales during the first seven weeks of the second half, despite net 10 new store openings, is confirmation that the board's strategy to arrest the long-term underperformance of the business is failing," Mr Perkins said. Managing director Ross Sudano said although retail conditions generally were tough, two big forays into the categories of greeting cards and home storage products should help deliver some better momentum.īut Allensford director Nick Perkins said The Reject Shop was on the skids and the board's strategy couldn't deliver a turnaround. It predicts a full-year net profit of between $3.1 million and $4.1 million. The Reject Shop traditionally makes a loss in the second half. The company expects to suffer a bottom-line loss of between $6.5 million and $7.5 million for the second half, based on the assumption that same-store sales would drop between 2per cent and 3 per cent for the six months. The Reject Shop warned that same-store sales for the first seven weeks were down 2.8 per cent, and that overall, sales revenue for that seven-week period was down 1.1 per cent across the group's 360 retail outlets. The Reject Shop wants to become the ''category killer'' in the $500 million-plus greeting card market. The Melbourne-based company is trying to evade the clutches of packaging Rich Lister Raphael Geminder and his $78 million takeover offer made by the Allensford bidding vehicle.īut despite a marginal improvement in comparable store sales in the crucial December trading period in the lead-up to Christmas, there has been another slide in same-store sales in the first seven weeks of the second half of 2018-19, along with a fall in foot traffic. Ailing discount retailer The Reject Shop has outlined a plan to become the "category killer" in the $500 million-plus greeting cards market in Australia to try and reinvigorate flagging sales and profits.
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