Fontana Q4 sales jump 15%

the stock remains the main attraction in trading.

Fontana upcoming Waterloo Road branch set to open in September.

Sales at Junior Market listed Fontana grew 6.8 percent in the March 2019 quarter over 2018 and 7 percent for the nine months to March as well as for the full year to June but surged by a strong 15 percent in the final quarter to June.
Audited financial report show sales for the full year at $3.7 billion, up on the $3.42 billion recorded in 2018, representing growth of $594 million in the June 2019 quarter over the $3.108 billion generated up to March this year. Revenues for the June 2018, added $516 million to the nine months’ sales of $2.9 billion recorded to March last year. The June quarter revenues are much lower than in the March quarter with sales of $951 million that is up from $890 million in 2018. The acceleration in growth in the June quarter is significant and is worth watching to see if it continues.
The audited accounts when compared with the March quarter show profit margins that were better in the final quarter than in the March quarter with gross profit coming in at $281 million versus $297 million but with the June quarter sales being just 63 percent of the March sales. The company reversed $56 million in provision for inventory obsolescence during the year and this could be the reason for the sharp improvement in the fourth quarter margin.
Administrative and other expenses that rose 10.5 percent to March to $721 million finished the year off with an 8.3 percent increase to $1 billion. Some of the cost increase would be as a result of staffing and other cost associated with the new store at Waterloo Road in Kingston that is slated to open in mid-September.
Fontana ended with profit before taxation of $270 million, down from $303 million in 2018 but closed with profit after tax at $307 million versus $247 million in 2018. The operations generated gross cash flows of $305 million for the year and expended $441 on the acquisition and property development and inflows of $223 million from the issue of shares to the public. Cash and equivalent rose to $383 million at year-end with receivables at just $67 million while payables stood at $460 million and loans at $157 million.
Inventories excluding provision for obsolescence is down from $712 million to $639 million at the end of the fiscal year. Fixed assets grew to $701 million after the sale of $302 million of buildings and spending of $464 million on the Waterloo Road store. Shareholders’ equity climbed to $1.27 billion from $1.06 billion in 2018.
The stock traded at $8.20 on Friday at a PE ratio of 11 based on IC Insider.com forecasted earnings of 75 cents per shares.

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