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The Reject Shop sales increase, positive momentum in January


Discount retailer The Reject Shop says it is pleased with the ongoing “positive momentum” in sales following a strong Christmas trading period.

In a trading update citing preliminary unaudited accounts for its December half, sales are expected to be up 3.5 per cent to $439.7 million while comparable store sales improved by 2.4 per cent compared to the previous period.

Earnings before income and taxes and expected to be in the range of $22.5 million and $23.5 million.

Chairman Steven Fisher said: “The combination of improving merchandise offering, experienced senior leadership team and strong balance sheet positions the company well to create value for shareholders.”

CEO Phil Bishop has also resigned today with immediate effect, citing personal reasons. CFO Clinton Cahn has been appointed as the interim CEO until a replacement is recruited.

“On behalf of the board and The Reject Shop team, we thank Phil for his work over the past six months and wish him well,” said Fisher.

Audited results will be released on February 23.


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