2 Retail Stocks with higher insider interests

  • Sep 14, 2018 AEST
  • Team Kalkine
2 Retail Stocks with higher insider interests

Harvey Norman Holdings Limited (ASX: HVN) - At a huge discount to reduce debt and fund a major push overseas, Harvey Norman plans to raise $164 million in new capital, as earnings from its core franchise business in Australia has come under pressure. Shareholders had been expecting a capital return or special dividend to distribute franking credits. As at June 30, 2018 the reported net profit before tax for the period ending June 30, 2018 is $530.17 million which is down by 17.1%. The final dividend of 18.0 cents per share has been declared on a fully franked basis. The company has today completed the dispatch of the entitlement and information booklet and offer document to shareholders eligible to participate in the pro rata entitlement offer. There are no oversees offering and there will be tax implications associated in the offer and receiving new shares, while no offer is to be made in countries other than Australia and New Zealand. The stock price as at September 14, 2018 is $3.440 with a flat daily price change. The stock has fallen by -8.73% over the period of 12 months.

HVN Shares outcome, Source: Company Reports

Myer Holdings Ltd (ASX: MYR) – The company’s  Net Profit After Tax (NPAT) was of $32.5 million before implementation costs and individually significant items as of full year results ending June 30, 2018. The total sales were down 2.7% on a comparable store basis and declined to $3,100.6 million. On the other side total online sales were $239.4 million. The operating gross profit declined by 2.9% to $1,184.4 million while the margin increased by 8 basis points to 38.2%. Statutory FY2018 NPAT for the company was at a loss of $486.0 million. Lower net debt of $107 million was due to positive net cash flow of $6 million. The company’s Chief Executive Mr. King believes in the strategy and is buying another 100,000 shares-on-market for $43,500 making his stake to $150,000 shares and 2.4 million performance rights. The company is undeniably in a tight spot amid the challenges facing the sector, but the management is following a strategy to cope with it. The management believes that successful refinancing can provide the company a stable platform. The stock price as at September 14, 2018 is $0.595. The stock has fallen by -20.83% over the period of 12 months.

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