Trading update and earnings guidance 20 August 2012 Revenue The company advises that group sales for the year ended 1 August 2012 were $215.6 million (last year $205.5 million) an increase of 4.9% over the prior year. CEO Graeme Popplewell commented “Notwithstanding an exceptionally challenging retail environment all brands have shown positive same store growth and grown market share. Gross margin on sales improved and market anomalies as a result of the Christchurch earthquakes are now behind us.” Earnings Guidance Net profit after tax is projected to be in the range $20.4 million to $20.8 million (last year $18.283 million) an increase of approximately 13%. Included in pre tax earnings are insurance proceeds relating to the Christchurch earthquake of $1.9 million (last year $2.97 million.) Underlying earnings from trading are forecast approximately 20% up on the prior year. A full earnings release will be issued to the NZX on 26 September 2012.