Brazin puts on a brave face

Fashion, music and DVD retailer Brazin is confident the company will continue to grow through new store openings despite reporting a 12 per cent decline in net profits for 2004/05.
Following the company's decision to exit its Ghetto and Insane brands last month, net profit for the year ended June 26 was $10.5 million, down from $12.0 in 2004.
"It was a huge year of consolidation and growth increasing our store base by over 30 per cent to 540 stores," said managing director and CEO Greg Milne ("Growth will continue through further store openings from core brands and improving performance of existing stores, consolidations of proven brand strategies as well as improvements in operational performance as the benefits from our investment in upgraded IT systems start to flow."
BNT had a record year contributing $18.6 million to EBIT, however Milne said it was a disappointing year for Ghetto and the incubation retail fashion concept brand Insane, both of which did not reach their potential.
Earnings before interest and tax from continuing operations and before significant items were up 37 per cent to $29.3 million. This was achieved on sales revenue increase from continuing operations of 23.8 per cent to $464.9 million, up from $375.6 million a year ago.

Headshot - Greg Milne.jpg