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AUSTRALIA'S MILLER'S RETAIL REVISES DOWN EARNINGS EXPECTATIONS.
SYDNEY, June 1 Asia Pulse - Miller's Retail Ltd (ASX:MRL) advised today that it has revised downwards its expectations of earnings before interest, tax and amortisation (EBITA) for the year ending 30 June 2004.
EBITA on trading performance for the year ended June 30, 2004 is expected to be in the range of A$48 million (US$34.3 million) to A$52 million, compared to an EBITA of A$60.7 million for the previous year.
The Miller's board confirmed it is their present intention to declare a final dividend of four cents, fully franked, taking the full year dividend payout to 9.5 cents, in line with last year.
Chief executive Gary Perlstein said the company had previously warned that the price war in discount variety would make it difficult for last year's profit result to be matched.
"The Discount Variety competitive environment has in fact further intensified, and has seen remarkably fierce discounting and price pressure," he said.
"While our ...
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