Australian Pharmaceuticals Industries has lifted its interim net profit by 8.7 per cent to $6.7 million despite a difficult retail climate. API's retail business, under the Priceline banner, "encountered a volatile and fluctuating market but was able to maintain very good like-for-like growth", managing director Stephen Roche told the Australian.
The 320 Priceline stores, which sell toiletries, and hair and beauty products, had strong comparable store revenue growth of 5.7 per cent, but margins were lower.
Despite the economic contraction, the brand added 16 new franchised stores in the first half.
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Westpac's interim numbers show a sharp increase in small business loans that have started to sour, particularly in cases where the lending is worth $2 million to $15 million.
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Peak retail industry body the Australian Retailers Association (ARA) said the 2.2 percent growth in retail turnover for March was in line with predictions and showed signs of slow recovery as cashed-up consumers re-entered the market without guilt.
ARA Executive Director Richard Evans warned against an over-reaction to the March retail trade figures (NSW 1.2%, VIC 2.7%, QLD 3.2%, SA 2.4%, WA 2.2%, TAS 2.2% NT 4.2%, ACT -0.1%) that were a result of economic stimuli from late last year.
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Brisbane retail rents top list
"Brisbane retail space is regarded as amongst the most expensive in the world" according to a recent report.
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Apples anyone?
Apple are set to open their fourth Australian retail store on the Gold Coast.
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ACCC News
Information to help business and consumers to understand the 'Clarity in pricing' amendments to the Trade Practices Act 1974 has been issued by the Australian Competition and Consumer Commission.
The amendments, which take effect on 25 May, require if businesses choose to advertise a part of the price of a particular product or service, they must also provide a single figure that reflects the total price to be paid.
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Interested in all the latest news from the ACCC, including details of a hair replacement ex-franchise who has been fined for providing false and misleading information.
> Click here to visit the ACCC News Centre.
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Do you know: Which food and beverage firm has the most impact in Asia Pacific?
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USA - Denny's Corp. is continuing its plan to increase its percentage of franchise-owned units, which should result in new-restaurant growth, executives said at the company’s first quarter conference.
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Kleenmaid - According to an exclusive report in the Courier Mail, the son of Kleenmaid founder Andrew Young is claiming $300,000 against his father's company, saying the collapse of the appliance retailer has left him "financially screwed".
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Gerry Harvey said he had no idea why Harvey Norman's share price jumped almost 13 per cent in three days.
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In related news:
Slowing consumer spending in uncertain economic times will increase the risk associated with Harvey Norman shares, analysts say.
They also say Harvey Norman may exit the Irish market, where its stores have underperformed.
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Treasurer, Wayne Swan has been buoyed by new data showing Australians are returning to the shops as he prepares to deliver a tough federal Budget.
Official retail sales figures out yesterday show recession-wary Australians spent a record $19.3 billion in March as the Rudd Government began rolling out its one-off $900 cash bonuses.
The spending was 2.2 per cent higher than February's sales figures and four times more than economists had predicted.
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Westfield says it has Australian shoppers to thank after they collectively helped to offset a disastrous result from its overseas operations.
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