Smiths City ups profit, seeks further expansion
Smiths City Group Ltd has reported a 61.8 percent increase in profit after tax to $1.644 million and said sales in March, April and May were ahead of the same month last year.
Smiths City Group Ltd has reported a 61.8 percent increase in profit after tax to $1.644 million and said sales in March, April and May were ahead of the same month last year.
The Christchurch-based retailer said the increase in goods and services tax from October 1 makes it difficult for predict future trading.
Results from its Wellington stores in Porirua and Upper Hutt have exceeded expectations and the company said it was actively trying to increase its "footprint" in Wellington.
Operating revenue decreased 5.2 percent to $226m in the 12 months to April 30.
The company paid no tax because it has tax losses to use up. It still has $22.3m of tax losses available to use in future years.
It is paying a one cent a share final dividend on August 13.
The company said the retail market continued to be challenging, particularly in furniture and flooring markets.
The profit increase was attributed to the closure of unprofitable operations and cost reductions.
NZPA
Mon, 28 Jun 2010
Mon, 28 Jun 2010
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Smiths City ups profit, seeks further expansion
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