Retailer Postie Plus Group reported a smaller first half loss of $1.1 million, as sales rose compared to a year earlier.The result for the six months to the end of January, which traditionally was overshadowed by the profit positive second half, was an im
Retailer Postie Plus Group reported a smaller first half loss of $1.1 million, as sales rose compared to a year earlier.
The result for the six months to the end of January, which traditionally was overshadowed by the profit positive second half, was an improvement on the $2.7m loss a year earlier, Postie Plus said today.
The latest half-year loss was achieved on an 8.3 percent rise in sales to $54.1m, and included a provision for the sale of the Waimate knitting factory of $77,000.
No interim dividend is to be paid due to the current tentative economic environment, the company said.
Group chief executive Ron Boskell said the level of improvement confirmed the group was well on track to post an improved full year result.
Among improvements in the first half, inventory was down by $400,000, distribution costs fell by a further $338,000 on the previous year's good reduction, and administration expenses of $11.2m represented 20.7 percent of sales compared with 22 percent last year.
Consumer confidence remained fragile but was improving, and the group had benefited from strong consumer loyalty to its brands, with the market share for all the company's brands growing during the period, Mr Boskell said.
The group includes a nationwide chain of 79 Postie+ clothing stores and the Baby City chain of 24 nursery retail stores.
Postie Plus shares last traded at 40c on Friday, having ranged between 45c and 24c in the past year.
