By Martin Vedris

SYDNEY: In its annual report, Clive Peeters Limited today announced a consolidated profit after related income tax of $13.5 million for the financial year ended 30 June and sales of $457.2 million — a 45 per cent increase over the 2006 result.

According to the report, sales on a like store basis increased by 3.5 per cent for the full year. Western Australia achieved 13.6 per cent sales growth for the full year 2007 and Queensland achieved 3.4 per cent like store sales growth for the full year. However, due to the opening of a number of stores in recent years in Victoria, that state’s like store sales declined by 4.3 per cent.

The report stated that the challenges in the retail market in 2006 have continued into the 2007 year with rising fuel prices, interest rate rises and intense competition in the crowded consumer electronics retail market being the major hurdles to business. Despite this however, the report stated that the Clive Peeters group had slightly increased its Gross Profit Margin from 26.1 per cent in 2006 to 26.4 per cent in 2007.

The company stated that it planned to continue to expand its operations on a national level through the acquisition and establishment of stores throughout Australia.