Kirkcaldie sees narrower loss on retail, may need impairment charges

Kirkcaldie & Stains (Source: Apple Maps)
Kirkcaldie & Stains 12-month price history (

Kirkcaldie & Stains [NZX: KRK], the upmarket Wellington department store, says it made a narrower loss in the latest financial year, and its board may have to write down the value of assets.

The company said its retail unit posted a pretax loss of $1.1 million in the 12 months ended Aug. 31, down from a loss of $1.8 million, a year earlier. Kirkcaldie's fixed and intangible assets for the retail business were valued at $3 million as at Aug. 31, down from $3.7 million, and may need to be impaired.

"While this is an improvement on the 2013 financial year, the current year's result will require the directors to consider whether they should recognise any impairment of the fixed assets and intangible assets associated with that part of the company's business," it said in a statement.

Earlier this month the retailer reached a deal to sell its Harbour City Centre building for $45.9 million, and plans to use the funds to recapitalise the retail business before returning any surplus to shareholders.

The retailer today said its leasing operation from the Harbour City Centre building reported a profit of $1 million, compared to a loss of $500,000 a year earlier, before any revaluation loss from the sale. Shareholders will vote on the transaction on Sept. 23 at a meeting in Wellington.

The shares dropped 10 percent to $2.05 yesterday, the lowest close since May, and have gained 7.9 percent this year. That values the retailer at $21 million.


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

NZ Market Snapshot


Sym Price Change
USD 0.6530 0.0000 0.00%
AUD 0.9072 0.0000 0.00%
EUR 0.6160 0.0000 0.00%
GBP 0.4339 0.0000 0.00%
HKD 5.0628 0.0000 0.00%
JPY 80.1490 0.0000 0.00%


Commodity Price Change Time
Gold Index 1056.2 -13.650 2015-11-27T00:
Oil Brent 45.2 -0.320 2015-11-27T00:
Oil Nymex 41.8 -1.230 2015-11-27T00:
Silver Index 14.0 -0.150 2015-11-27T00:


Symbol Open High Last %
NZX 50 6087.9 6103.4 6087.9 0.22%
NASDAQ 5121.9 5134.4 5116.1 0.22%
DAX 11277.9 11354.0 11320.8 -0.24%
DJI 17806.0 17830.4 17813.4 -0.08%
FTSE 6393.1 6393.1 6393.1 -0.28%
HKSE 22555.4 22555.4 22488.9 -1.87%
NI225 19994.0 19994.0 19944.4 -0.30%