Postie Plus sales fall 4.4% on sale of Babycity, flat Postie revenue
BUSINESSDESK: Postie Plus Group reported a 4.4% decline in full-year sales after selling its Babycity chain and maintaining little changed revenue at its Postie clothing outlets.
Sales fell to $110.9 million in the year ended August 5 from $115.7 million a year earlier, the Christchurch-based company says.
Sales from Babycity, which was sold for about $4.1 million in May, fell to $16.9 million from about $22 million, while sales at its Postie stores were $94 million from $93.8 million.
"We want to focus on building the higher margin, flagship Postie brand and expanding our nationwide retail footprint through acquisitions in the future," says chief executive Ron Boskell, who steps down in January after seven years running the company.
One of his last tasks is overseeing the relocation of the company's headquarters to Auckland and completing an overhaul of executives.
The company will release its full-year results on September 24. Postie Plus shares last traded at 24 cents and have declined 7.7% this year.