Australias largest sporting goods retailer has completed an astounding year, making majority shareholder Harvey Norman Inc., a furniture and electronics retailer, very happy with its investment. The 2002 fiscal year was 15 months long for REB, bringing their reporting cycle in-line with their new parent corporation. HVN is a 55% owner of the retailer.
Rebel Sports Ltd posted net income of A$16.3 million ($10.7 million) for the twelve month 2003 fiscal year against net income of A$8.1 million ($5.3 million) for the 15-month year ending July 1, 2002.
Retail analysts in Australia were reportedly impressed, especially given the weak sporting goods apparel market in the country. Sales revenue was up 13.6% to A$276.9 million ($182.1 million) from A$243.8 million ($160.3 million) for the previous 12-month period. Comps rose 7.3% against the previous year.
REB also saw their new lifestyle chain, Glue, post a profit for the first time. Sales for the consolidated group for July and August reportedly rose 3.6%.
