Miller's Retail
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Miller's Retail Ltd. is an Australian company that is one of the country's largest retailers. It is listed on the Australian Stock Exchange and had a market capitalisation of $360 million as at March 2006.
Its sales for the year ending 30 June 2005 were $1.12 billion, with a net loss after tax of $103.4 million. This substantial loss was an unusual event for Miller's Retail and reflected considerable financial restructuring, including the revaluation of its businesses in Discount Variety. At the same time, the company told the market it had excessive inventory levels and pledged to address that and to review buying practices in the future to avoid similar errors.
In its Apparel Division, Miller's Retail trades under the brands Miller's Fashion Club, Katies, Crossroads and 1626 which all sell women's clothing, with a total of over 700 stores. In November 2005, it sold its Discount Variety Division, which owned Go-Lo, Crazy Clark's, Look Sharp Concepts and Chickenfeed which had 335 stores at the time of the sale. They sold their interest in the discount variety businesses after a price war with competitors had a major impact on the profits of the division. Private equity investor Catalyst Investment Manager and CHAMP acquired the group, the new entity being called Australian Discount Retail.
Its core business is the Miller's Fashion Club, a club or loyalty program which has more than 2.8 million members across Australia and New Zealand. It is a highly regarded business which runs with low overheads and well respected buyers.
The company was listed on the Australian Stock Exchange in 1998. Its founder Ian Miller left the Managing Director's position in 2003 although continued for a time as Managing Director of Apparel Division and remains an executive director of the company.
