Postie Plus reports lower fourth-quarter sales

NZPA

Monday 29th August 2011

Clothing retailer Postie Plus Group said sales in its fourth quarter fell 6.27 percent to $29.549 million from a year ago, due to a warm winter and cautious consumer spending.

The company, part-owned by Kathmandu outdoor retailer founder Jan Cameron, said sales in the year to August 1 were $115.73m, up 1.7 percent on the previous year. This was less than anticipated.

Chief executive Ron Boskell said May and June were usually the busiest months for sales of cold weather clothing but recording breaking warm temperatures in these months meant winter started late.

Postie Plus was able to keep its margin close to the same level as last year and inventory was managed well.

"Whilst trading declined in the fourth quarter, annual sales were positive and it is expected that profit after tax will see a small increase on the previous year," he said.

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