Sharechat Logo

Postie Plus flags wider first-half loss on weak sales

Wednesday 7th March 2012

Text too small?

Postie Plus Group, the clothing retailer, said its first-half loss widened after a 4.6 percent decline in sales.  First-half results will be released on March 26 and are expected to be “marginally below last year’s result,” the retailer said in a statement. The company posted a loss of $750,000 in the first half of 2011.

Sales fell to $53.9 million in the six months ended Jan. 29, from $56.5 million a year earlier, it said today.

“The overall group margin percent improved for the period following stronger performance by the Postie brand in spite of a sluggish apparel market,” the company said. “Expenses continue to be managed well with overall expenses less than last year.”

The retailer’s results reflect the closure of four stores during the period, in line with the company’s decision to close down poor-performing outlets as leases expire.

As highlighted at the AGM the company will continue to look for acquisitions this year, it said.

Postie Plus shares fell 4 percent to 24 cents on the NZX today and have declined about 4 percent this year.

NOTE: please be advised to read full articles from Business Desk Website, you will have to pay a subscription fee on their website.

  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:

Pumpkin Patch turned to a profit in 2013; focus on repaying debt amid challenging conditions
Pumpkin Patch's Di Humphries appointed new chief executive
Former Glassons boss Di Humphries seen as strong contender for top Pumpkin Patch job
ACC takes advantage of beat-up Pumpkin Patch shares to lift stake to 9.2 percent
Pumpkin Patch becomes second retailer in month to cite Australian rivalry hurting profit
Pumpkin Patch turns to 1H profit after year-earlier reorganisation costs; sales fall
Pumpkin Patch wary of Christmas trading as retailers keep discounting
Pumpkin Patch FY earnings slide 20 percent, meets guidance
Pumpkin Patch says annual profit to beat estimates; stock jumps 11 percent
Conyngham resigns as design director at Pumpkin Patch