Sharechat Logo

Smiths City 2Q sales tumble 11.5%

Thursday 4th November 2010

Text too small?

Smiths City Group, which owns home appliances retailer LV Martin, said its second-quarter sales sank 11.5% as the Canterbury earthquake and Southland snowstorms disrupted trading.  

The Christchurch-based company said “trading conditions in retail for furniture and appliances are expected to remain difficult” and it’s too early to estimate the impact on profitability.

Smith City’s lodged a claim with its insurer for lost income at certain stores in Canterbury, which has been accepted in principle, though the amount of cover is still being worked through.

The retailer said it’s opening a store in Lower Hutt in December as it continues to expand its presence in the greater Wellington region.

The company will incorporate the Porirua LV Martin store into the adjacent Smiths City, and will revamp the LV Martin headquarters in Wellington’s Ngauranga Gorge.

The shares, which trade infrequently, last traded at 38 cents on October 29, and have dropped 5% this year.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Smiths City shares jump 10 percent as FY profit climbs by 22.7 percent
Smiths City independent director resigns
Daily ShareChat: Smiths City
Smiths City ups profit by 62%
Daily ShareChat: Smiths City Group