Territory Stories

The Centralian Advocate Fri 10 Jun 2022



The Centralian Advocate Fri 10 Jun 2022


Centralian Advocate; NewspaperNT




Made available via the Publications (Legal Deposit) Act 2004 (NT).




Community newspapers -- Northern Territory -- Alice Springs; Tennant Creek (N.T.) -- Newspapers; Alice Springs (N.T.) -- Newspapers; Australia, Central -- Newspapers

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News Corp Australia

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News Corp Australia



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Friday June 10 2022 BUSINESS 35 V1 - NTNE01Z01MA James Packer For the full year to May 31, total sales were up 3.9 per cent, like-for-like sales better by 3.7 per cent and online sales up 27.5 per cent. Chief executive Cameron Fox said he was extremely pleased with the second-half results. Customers are once again coming back to our stores after a disrupted shopping period due to Covid19 restrictions, he said. And while this has led to a moderation in online sales growth in the second half, I am very pleased that we are growing off the exceptional online results of fiscal 2021. Based on unaudited accounts, Shaver Shop expects total sales of $221m- $223m for 2022 and net profit of $16.25m-$16.75m. This is against sales of $213.7m and net profit of $17.5m for 2021. The news was well received by investors, with the stock up 4.9 per cent at $1.07 on Thursday. Mr Fox said as more men left their home offices and went back to their corporate offices they were demanding more products to give them clean shaves. What we are seeing is a shift in what theyre buying, which is sort of what we expected, he said, noting that the electric shaving category was taking off again. Clean shaven look boosts Shaver Shop The Shaver Shop CEO Cameron Fox in one of the retailers stores in Melbourne. Picture: Ian Currie flagship casino in Australia. We will take action should any of these conditions not be met by either Blackstone or Crown. The NSW Independent Liquor & Gaming Authority chairperson Philip Crawford said Blackstone had been subject to an extensive probity assessment that had resulted in certain persons being approved to become close associates of Crown Sydney. Mr Packer, who now lives in the US and owns properties around the world, will receive $3.2bn for the 37 per cent of the company he controls if the deal clears its final hurdles. GAMBLING regulators in Victoria and NSW have given conditional approvals for the $8.9bn acquisition of the James Packer-backed Crown Resorts by global private equity giant Blackstone. The decision helped send Crown shares up 1.96 per cent to close at $13.00, their highest point in almost three years. That was just shy of the $13.10 per share offer put forward by US-based Blackstone. The Victorian Gambling and Casino Control Commission announced Thursday that it considered the Blackstone Group to be a suitable associate of Melbournes casino operator. In reaching this decision, our specialist team put in many months of work investigating the suitability of the Blackstone Group to become an associate of the Melbourne casino operator, said VGCCC chairperson Fran Thorn. Our approval comes with stringent conditions, which balance delivering stronger controls on the casino and ensuring it continues to be the Two key regulators OK with $8.9bn Crown sale Regulators in Western Australia must still sign off on the sale, which will then need its final approval by the Federal Court. The VGCCC required both Blackstone and Crown to agree to numerous conditions and protections as part of its approval, which it noted will apply on top of the strict requirements that currently apply to the casino operator. Among the key requirements are that Crown Melbourne have a majority of independent board of directors, beefed up reporting of anti-money laundering efforts, responsible gambling activities and extra auditing. For its part, Blackstone will have to keep Crown Melbourne as the gaming groups flagship casino in Australia. In a statement to the ASX, Crown noted the green light given by both regulators, as well as the final two approvals needed in WA and the Federal Court. As the gaming regulatory approval in Western Australia remains outstanding, the date for the final court hearing has not yet been fixed, Crown said. c a s i n o s Anthony Marx WOOLWORTHS is poised to benefit more from continued resilience in the grocery space and has an edge over Wesfarmers and Coles in controlling costs in an inflationary environment, according to analysts at Goldman Sachs. Woolworths is seen as acting rationally in passing cost increases through and in certain instances, increasing price more than costs to strategically re-invest to drive growth or protect opex (operating expenses) inflation, Goldman Sachs analyst Lisa Deng said. Following a series of channel checks on the sector, it says there is no noticeable change yet in consumer behaviour evidenced through softening in volume demand or down-trad ing yet, though there are early signs of value-focused buying. Goldman Sachs reiterated its buy rating on Woolworths at a target price of $41.70. It ranked Wesfarmers a sell at a target price of $40 and Coles as neutral at a target price of $17.20 a share. Woolworths on Thursday closed 4c up at $34.51, while Wesfarmers fell 46c to $44.79 and Coles dipped 5c to $17.61. Woolies has edge over rivals s u p e r m a r k e t s Valerina Changarathil Book what you like. Planning a Queensland holiday? Escape now lets you book your experience directly through the video youre watching. Like what you see? Explore experiences now, on ESCAPE.com.au/QLD SCA N N O W