Just results ahead of guidance

MELBOURNE: Just Group has released an update of its FY08 results showing a strong rise in second half sales revenue that points to a seven per cent gain in annual sales. Commenting on the update today (July 31) Just Group CEO Jason Murray said he was "reasonably pleased" with the result in light of the challenging retail environment during the second half of the year.

Highlights of the results included "pleasing" July trading with sales and gross margins ahead of mid-point guidance. Australian same-store-sales gorwth was up 2.7 per cent for the last four weeks of the year.

Trading remained strong in Dotti and Jacqui E, while Portmans had effected a turnaround ahead of schedule, sales had recovered well in Just Jeans and Jay Jays sales were "pleasing".

The company, which is currently the target of a hostile takeover bid by Solomon Lew's Premier Investments, confirmed sales for the six months ended July 26 rose 3.4 per cent to $387.5 million. As a result, its sales for the fiscal 2008 year will total $812.2 million.

For more detail on developments at Just Group read Ragtrader's August 8 print edition.