Trading update and profit guidanc The Directors advise that group sales and gross margin for the key trading period of December have been equal with last year. While sales pre-Christmas were patchy, post Christmas sales had been strong, making up for lost ground earlier in the month. Group sales for the period 2 August to 20 January 2008 are -2% on the prior year, reflecting the uncertain trading conditions in both New Zealand and Australia Stock levels have been well managed and are currently below last year. Net profit after tax for the full 6 months to 1 February 2008 is projected approximately $9 million, prior year ($9.9 million). A full announcement on sales and profit for the 6 months ended 1 February 2008 will be made mid March 2008.