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Earnings Update: AMP, Aristocrat, Myer, Westfield and Xero Limited

Earnings Update: AMP, Aristocrat, Myer, Westfield and Xero Limited
AMP, Aristocrat, Myer, Westfield and Xero release their earnings results
May 12, 2016 By Kaivalya Kandarpa Tags: ALL, AMP, MYR, WFD, XRO

AMP Records Significant Drop in Cash Flows

AMP Limited (ASX: AMP) announced that its net cash flow in the Australian wealth management segment declined 39% for the first quarter ended 31 March 2016. The company states that the net cash flow was impacted by a weaker investor confidence and the ongoing market volatility. Total Assets under Management (AUM) declined 2% to $112.6 billion, reflecting investment market movements during the quarter. Total retail and corporate superannuation net cash flows plummeted 40% to $383 million.

Aristocrat Anticipates 1H16 NPATA to be 66% Higher than PCP

Aristocrat Leisure Limited (ASX:ALL) expects to report roughly $183 million in Net Profit After Tax and Amortisation (NPATA) during its 1H16 results. The anticipated result is approximately 66% higher than the normalised NPATA reported in the PCP. The company plans to release the 1H16 results on 26 May 2016.

The strong performance has been driven by significant profit growth across market segments such as the US Class III premium gaming operations, Australian outright sales and the Digital social gaming segment.

ALL rose 13.3% since the announcement and was last traded at $11.88 (as at 11:10 am (AEST)).

Myer’s Q3 Sales Increased 3.4% on a Comparable Store Basis

Myer Holdings Limited (ASX:MYR) announced that its sales for the third quarter increased 3.4% on a comparable store basis. The company provided an outlook for FY16 results and announced a rollout of the ‘New Myer’ initiative. The company also announced two new executive appointments.

Total sales grew 1.9% on a year-to-date (YTD) basis and 3.3% on a comparable store basis. 

Mr. Daniel Bracken has been appointed as the Chief Merchandise and Customer Officer, and Deputy CEO. As part of this newly created role, Mr. Daniel will take on additional responsibility for all aspects of the New Myer’s customer experience.

Mr. Michael Scott will occupy a newly created role of Executive General Manager Brand and Marketing. Mr. Scott has over 15 years of experience, having served across various local and international brands such as Virgin Australia, McDonald’s (Australia and UK), Coles Myer and Nike. 

The company states that FY16 has been a transitional year for Myer, which has seen significant investments being made in initiatives such as the New Myer and other major refurbishments at Warringah.

Myer anticipates to report NPAT in the range of $66 million and $72 million for FY16, excluding the costs associated with New Myer.

Westfield’s Annual Speciality Sales Up 4.4% in the Past 12 Months

Westfield Corporation (ASX:WFD) reported annual speciality retail sales of $725 per square feet (psf) and flagship sales productivity of $908 psf. Occupancy levels continue to remain high at 94.5%, up 0.2% from last year.

Westfield has also made significant progress on its current and future development program as its $1.4 billion Westfield World Trade Centre has been fully leased and is anticipated to be inaugurated in August 2016. The company expects to inaugurate projects worth over $1 billion in the current calendar year.

Xero Reports Lifts Operating Revenue by 67% in FY16

The payment solutions provider Xero Limited (ASX:XRO) reported that its operating revenues expanded 67% to NZ$207.1 million. The number of global subscribers reached 717,000 paying subscribers, a 54% rise on the previous year.

Nonetheless, the company widened its net loss to $82.5 million for the year, from $69.6 million in FY15.

As at 11:00 am (AEST), XRO declined 0.4% and was last traded at $14.44.

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Kaivalya Kandarpa Author: Kaivalya Kandarpa May 12, 2016

Kaivalya is an equity analyst and a client advisor at Wise-owl. She specialises in fundamental and technical analysis for large and mid-cap companies. Having completed her bachelor's degree in Business Administration majoring in Finance, Kaivalya has a comprehensive understanding of international stock market movements. She tracks local and overseas markets and compiles analytical reports for various industries.

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