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Business Description: Specialty Fashion Group Limited (SFH) is a specialty fashion multi-branded women's apparel retailer and brand owner. SFH operates following brands: Millers, Crossroads, Katies, Autograph, City Chic, La Senza and Stylefix. SFH provides multi-channel retailing to customers in Australia, New Zealand and USA through about 900 stores and seven online businesses.
Strategy Analysis: Brand segmentation, inventory management and offshore product sourcing all form part of the current turnaround strategy. Each brand will develop its own style and character which should help increase price points over the medium-long term. SFH plans to eventually source a large majority of its inventory offshore, allowing it to exploit higher margins and build its portfolio of brands. Smaller bolt on acquisitions will be preferred until a large group comes on the market at an attractive price.
Specialty Fashion Group reported NPAT of $17.97m for the half-year ended 31 December 2012. Revenue from ordinary activities were $311.17m, up 1.3% from last year. Basic and Diluted EPS was 9.3 cents compared to 3.2 cents last year. Net operating cash flow was $46.17m compared to $31.87m last year. The interim dividend declared was 2.0 cents, compared with nil cents last year.
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