In a 9-month period ending Oct. 31, 2004, Barbeques Galore, a chain of specialty retail stores that sell barbecues, backyard accents, fireside products, and related accessories, reported a net sales earning of U.S. 98,385.31 (AU $135,091) with a net income loss of $2,985.
In Australian dollars, net sales for the third quarter in Australia declined 6.9 percent from the corresponding period last year, while in American dollars, it rose nearly 12 percent. Diluted earnings per share for the third quarter included a non-recurring after tax gain of $0.37 per share related to the sale of two company properties in Sydney, a tax charge of $0.44 per share related to the company's down-sizing of its Sydney plant, and the closure of its Chatswood, Australia store, equivalent to $0.35 per share.
"Third quarter results were mixed, with our U.S. operations turning in an excellent performance, and our Australian stores experiencing the effects of more intense competition, said Sam Linz, executive chairman of Barbeques Galore.
"In the U.S., we are experiencing good sales momentum and are planning to resume our expansion program with the opening of six new stores next year," Mr. Linz continued. "Our newest store, which features an entirely new, upscale format, opened in Jacksonville, FL (U.S.). We also recently opened a new concept store in Australia that features a comprehensive line of backyard products and are planning to open five new stores in Australia next year."
Mr. Linz said alliances with manufacturers in China are in place and working well and that the company expects to realize the full benefits of having products in China next year. He also said new marketing campaigns in both countries are in process and are expected to help boost sales.
The average exchange rate between the Australian dollar and the U.S. dollar for the 2004 third fiscal quarter increased 22.5 percent to AU $1 = U.S. $0.6693 from AU $1 = U.S. $0.5464 last year. The average exchange rate for the first nine months of fiscal 2004 rose 18.8 percent to AU $1 = U.S. $0.6461 from AU $1 = U.S. $0.5440 a year ago.
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