Noni B (ASX: NBL) AGM pleases investors
Stock
Noni B (ASX: NBL) $2.98 as at 22/11/2018
Event
Women’s fashion retailer Noni B has jumped today 16% whilst the company’s AGM is being held.
The company, which also owns Rockmans, w Lane and a number of other names, gave a reasonable update to the year’s trading thus far.
While not expecting much in the way of same store sales growth – like nearly every other retailer in the Australian market – Noni B was showing significant progress in the integration of the 5 Specialty Fashion brands it purchased. The $31m acquisition was completed in July, and added Crossroads, Rivers and 3 other brands to the Noni B set up.
Originally the acquisition was not expected to add to the company’s bottom line in FY19, however today’s update showed synergies have been achieved faster than expected, and revised EBITDA guidance 21% higher to $45m, mostly thanks to the $30m annual savings.
Noni B (ASX: NBL) Chart
Market Matters Take/Outlook
