Arnotts posted a 14 per cent rise in pre-tax profits for 2002 and said trading this year had begun well.
The group said profits for the twelve months to January 31st were euro20.5 million. Turnover including concession sales rose by 6.1 per cent to euro204.2 million compared with euro192.5 million in 2002.
The group said like- for-like sales growth in the first half of the year was strong, as were the Christmas and the January sales periods.
Volume sales grew at a significantly faster rate than value sales due to continued deflation in clothing and footwear, Arnotts said.
A revaluation of group properties has resulted in a surplus of euro16.4 million, giving an underlying increase of 10.8 per cent in property values compared with 2002. The net asset value per ordinary share following the revaluation amounted to euro12.71 while Arnotts current share price is euro12.50.
In terms of outlook, Arnotts stated that the current year has started well and year on year sales are well up on the same period last year.
An offer update was also released. The independent directors reiterated their view that the indicative offer of euro12.75 per share failed to value the business and its prospects adequately. A further announcement will be made in due course.