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12 Accounting Mistakes New Business Owners Often Make

Small Biz Trends

A new business won’t survive long if it doesn’t have solid cash flow and a good accounting system in place. To that end, a panel of Young Entrepreneur Council (YEC) members answered the following question: “What’s one accounting mistake that new business owners might tend to make, and why? How can they fix it?”

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Online boom drives Myer sales boost

Inside Retail

Based on unaudited accounts, sales for the year will range between $2.85 Online sales accounted for 24 per cent of total sales and are expected to range between $715 million and $725 million highlighting strong growth momentum in the half. per cent higher than at the same time last year. billion and $2.995 billion.

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From drab to trendy, 7-Eleven strives for relevance

Inside Retail

These categories have traditionally been the province of full-line supermarkets and cafes, but 7-Eleven’s ubiquity, easy accessibility and rapid service at the registers have given it an advantage over its more cumbersome competitors. In all, non-food categories account for 25 per cent of store sales. Net profit was 6.2

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David Jones reaches profitability for the first time in years

Inside Retail

Department store David Jones has clawed its way back into the black, according to a report in The Australian , after posting its first net profit since 2018. Accounts lodged with ASIC by David Jones’ holding firm Osiris Holdings tell of a healthy net profit of $83.4 million for the same period a year prior.

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Charlotte Tilbury owner Puig seeks £2.1bn Spanish IPO

Retail Gazette

Bankers have valued the 110-year-old family-owned business at between £6.9bn (€8bn) and £8.6bn (€10bn). “We believe that the balance of being a family-owned company that is also subject to market accountability will allow us to better compete in the international beauty market during the next phase of the company’s development.”

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How scrutiny over prices could impact Coles’ and Woolworths’ loyalty programs

Inside Retail

million in total and during FY23 almost 75 per cent of all purchases made at Myer were linked to a Myer One account. million having purchased products at the members-only price. per cent increase in net profit in the half, to $594 million, including an e-commerce revenue growth of 29.2

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Covid dulls first-half earnings for Harvey Norman

Inside Retail

Total system sales were estimated at $4.91 billion with EBIT at $754.41 Net profit after tax reached $430.91 The profits of the Australian franchising operations segment were estimated at $292.85 The company said overseas sales, which now account for 27 per cent of company turnover, have grown by 46.2