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Smiths City first-half profit slumped as sales fell

Monday 10th November 2008

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Smiths City Group, the Christchurch-based retailer, said first-half profit was "substantially down" on the previous year as tough trading conditions hurt sales.

Profit in the six months ended October 31 was below last year's $1.76 million, the company said in a statement. It will release its results in December. Excluding a building supplies business the company sold a year earlier, sales in the latest six months fell 8.4%, while same-store sales dropped 7.7%.

Smiths City shares last traded unchanged at 37 cents. The stock has declined 35% this year.

By Jonathan Underhill

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