Discount retailer The Reject Shop says it is pleased with the ongoing “positive momentum” in sales following a strong Christmas trading period.
Coinciding with a trading update today, the company announced that CEO Phil Bishop has resigned with immediate effect, citing personal reasons. CFO Clinton Cahn has been appointed as the interim CEO until a replacement is recruited.
Quoting preliminary unaudited accounts for its December half, The Reject Shop’s sales are expected to be up 3.5 per cent to $439.7 million while comparable store sales improved by 2.4 per cent compared to the previous period.
Earnings before income and taxes and expected to be in the range of $22.5 million and $23.5 million.
Chairman Steven Fisher said: “The combination of improving merchandise offering, experienced senior leadership team and strong balance sheet positions the company well to create value for shareholders.”
“On behalf of the board and The Reject Shop team, we thank Phil for his work over the past six months and wish him well,” said Fisher.
Audited results will be released on February 23.
