Miller's Retail
Encyclopedia
Miller's Retail Ltd. is an Australia
n 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, as well as 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 a total of 335 stores at the time of the sale. Miller's Retail sold its 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
.
Millers Retail's 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.
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
n company that is one of the country's largest retailers. It is listed on the Australian Stock Exchange
Australian Stock Exchange
The Australian Securities Exchange was created by the merger of the Australian Stock Exchange and the Sydney Futures Exchange in July 2006. It is the primary stock exchange group in Australia....
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, as well as 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 a total of 335 stores at the time of the sale. Miller's Retail sold its interest in the discount variety businesses after a price war
Price war
Price war is a term used in economic sector to indicate a state of intense competitive rivalry accompanied by a multi-lateral series of price reduction. One competitor will lower its price, then others will lower their prices to match. If one of them reduces their price again, a new round of...
with competitors had a major impact on the profits of the division. Private equity investor Catalyst Investment Manager and CHAMP
CHAMP
CHAllenging Minisatellite Payload is a German satellite launched July 15, 2000 from Plesetsk, Russia and was used for atmospheric and ionospheric research, as well as other geoscientific applications, such as GPS radio occultation....
acquired the group, the new entity being called Australian Discount Retail
Australian Discount Retail
The Retail Adventures group is the largest discount variety retailer in Australia following the acquisition of Australian Discount Retail in 2009....
.
Millers Retail's core business is the Miller's Fashion Club, a club or loyalty program
Loyalty program
Loyalty programs are structured marketing efforts that reward, and therefore encourage, loyal buying behavior — behavior which is potentially beneficial to the firm....
, 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.