AUSTRALIA: Sales Soar At Fashion Retailer Noni B
Following the toughest conditions in 20 years, women's wear retailer Noni B has recorded positive sales growth, managing director Alan Kindl told shareholders at the company's annual general meeting.
Negatives contributing to previously low sales included the very warm winter, the introduction of the Goods and Services Tax (GST), and the Sydney Olympics, which had acted to depress spending.
Mr Kindl was upbeat on prospects following September 11, saying he believed the market is now in a recovery cycle, with sales buoyant after the attacks.
"Indeed, the first quarter sales improved for Noni B, in particular, September was very strong," he said.
Noni B is to open 12 new Australian stores in the current financial year, with a target of 150 by June 2002.
The firm reported a net profit of A$1.727 million (US$876,971) for the year to June 2001, down from A$2.890m (US$1.47m) year on year.
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