Nick Scali confronts difficult NSW market

Furniture retailer Nick Scali has cited a poor performance in NSW as the reason for a potentially flat growth in earnings this year. NSW generates about 50% of the company’s earnings.

While the company performed well in the September quarter, the December quarter was lacklustre.

“There are a number of uncertainties going forward, including the continuing poor economic environment in NSW, which remains our major market,” the company said in a statement.

“In this situation, it is difficult to judge performance in the second half, but at this stage we expect the full year result to be in line with last year.”

The retailer’s half year net profit after tax rose by 2.2% on the previous corresponding period to $4.6 million.

Sales revenue increased by 17.1% to $43.5 million in the December half due to a full six month contribution from stores opened in the first half of fiscal 2007.

Inside Retailing

 

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