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MRL
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Miller’s confident of double digit growth
23-October-2002

Discount retail chain Miller’s Retail (MRL) said on Wednesday morning that it was confident of generating double-digit profits in the first half of the current financial year.
The company reported a 34.5% jump in net profit to $31.7 million in the 2001/02 financial year.

Chief executive Ian Miller told shareholders at the group’s AGM that the company's main growth platforms, apparel and discount variety, were travelling well.

“As a result MRL is confident of achieving double digit profit growth for the half.”

In the past twelve months, Millers has refocused on differentiating its apparel brands, aiding profit growth as other apparel retailers struggled.

“A strategy of segmentation in the division has driven a strong second-half result which management is confident can be sustained,” he said of its apparel chains.

Miller’s reported that comparative store growth for the first quarter has shown an improving trend. In Apparel, comparable store growth has improved from +0.7% last year to +2.6%. Stock reduction within stores has held this back, but the group said it had allowed them to better manage margins.

Miller said the group's new Miller's Kids brand was also doing well, while sales at the up-market ‘Katies’, ‘1626’ and ‘Silhouette’ lines were strong and growing.

At 1312 AEST Miller’s Retail shares were trading 3c higher at $1.99.