CER Group reported a full year loss of $3.3 million, with the company saying the result was "very disappointing" but should be seen in the context of a challenging 12 months for retailers.The company's wholly-owned subsidiary e-commerce retailer
CER Group reported a full year loss of $3.3 million, with the company saying the result was "very disappointing" but should be seen in the context of a challenging 12 months for retailers.
The company's wholly-owned subsidiary e-commerce retailer and direct marketer New Zealand Nature had gross sales of $4.6m for the year to the end of March, compared to $5.1m a year earlier, CER said today.
The result showed a decision to sell NZ Nature, for $3m, was timely, the company said.
The sale is conditional on shareholder approval, to be sought at a meeting today.
CER said it had also sold remaining land assets in Townsville, Queensland, from the VRM business it disposed of in the previous financial period and was in the process of winding up the companies associated with that investment.
The sales result for the latest year was affected by negative exchange rate effects in two key markets -- Britain and the euro zone, and the United States. Both had shown increased order values in local currency, CER said.
A slowdown in the British market had a major impact on NZ Nature, with the financial crisis and recession, together with threats of Royal Mail strikes, halting sales progress early in the company's peak northern hemisphere sales period.
Customers also held off mail order purchases during a prolonged snow-bound winter in the northern hemisphere.
CER shares last traded on Thursday at 1.4c, just below the year high of 1.5c.
