Fixed that for you mate. Yeah looks almost as good as HLG :)
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You have got to be joking.!
We're talking about the Noel Leeming division that grew profit 66% after growing profit last year as well.
Previously missed the fine printPretty creative to change profitability because of that and this represents somewhere near half the profit growth for the period so actually probably not anywhere near as good as HLG but definitely the jewel in the otherwise very tarnished / (crumbling ?) crown of the WHS empire !Quote:
Operating profit for the half was $15.3M, an increase of $6.1M or 65.7% on HY17. The operating profit result was helped by a $2.7M non-recurring item, being a change in accounting treatment of supplier funded store fixtures.
Beagle — NL operating profit (ebit) since 2013 has been $$11.0m, $11.3m, $6.4m, $12.1m and $19.3m in F17 and heading to say $28m this year
Again ....profits improved since our man Nick took over ...plus Team Warehouse of world class managers.
Love this bit ...suppose its good for the future and means more than just started ads on TV
RFP for Media planning and buying in progress. The plan is to unify our media planning and buying behaviours with a single fully-integrated, tech-enabled partner for the entire business.
You missed Noel Leeming himself,then Smiths City,before Sir Roger Bhatnagar/Greg Lancaster floated it.
I seem to remember Bhatnagar/Lancaster were the only ones who made money out of it.
People also forget WHS only brought NL, to access leading brands,who would not supply WHS.
We must also remember HBHiFi/Smiths City,as well as Harvey Norman, either have,or are part of much larger buying groups than WHS/NL.
Very little said about the huge accrual for management bonuses this half year ...keeping a low profile good strategy.
The Chair did say in her intro — If we backed out all remuneration incentives from the first half numbers for this year and last year, the difference in underlying performance is (1.7)%.
So instead of being 17% down as reported they would have only been 1.7% down if the bonuses weren’t considered necessary. And the full year forecast is for less profit as well.
See .. declining profits can be a good thing
Just as well the shareholders didn’t take a pay cut on their divie
I still think the way they're layering on the incentives for a business model in systemic decline is one of the greatest moral outrages this year.
Extra management incentives for lower profit...yeah that makes "perfect" common sense.
Had to clarify their guidance but still doesn’t seem to make sense
Assuming they are using F17 Adjusted profit of $68.2 m (which ties in with their F18 forecast $50m to $53m being 22% to 27% less) then H2 is going to be a shocker
That forecast implies that H2 Adjusted Profit is going to be 32% to 47% less than same period last year (H1 was only down 16.4% remember ...including bonuses).
Doesn’t seem right does it ...things getting worse v last year as the year goes along
Too many types of profit - reported and adjusted and continuing etc etc might have me confused ..but they may nave confused themselves as well
Not really following WHS anymore, but heard their CEO talking on National Radio about "investments into the future" and /or restructuring costs which would accrue in the second HY but only pay benefits in FY19 (and beyond - if they get it right). This might explain reduced profits in the short term ...
He mentioned as well something about timing being of the essence, that the competition does not wait and that they are confident in the strategy but that the problems tend to come with the execution. Sounded like he has been there before ;) - good man;