Feb 25, 2018 Last Updated 10:02 AM, Feb 23, 2018

New Entry From the Editor :

Australia slips to second place in mining investment attractiveness ratings

Australia slips to second plac…

AusBN - Australia has fallen to second place in the Fraser Institute’...

Wesfarmers reports 87% H1 profit plunge on business write-downs

Wesfarmers reports 87% H1 prof…

AusBN - Wesfarmers (ASX:WES) has reported an 86.6% nose-dive in its H1 net ...

Australian female labour force participation reaches record high

Australian female labour force…

AusBN - Australia’s female labour force participation rate reached a ...

Nick Scali profits skyrocket by 44.7%

escalator mallAusBNAusBN - A surge in sales figures has triggered a 45% increase in furniture retailer Nick Scali’s (ASX:NCK) net profit, following the release of its half-year 2017 financial results. 

The latest net profit gains equate to AUS$20.5 million for the six months to December 31, up from $14.1 million a year earlier.  

The company is enjoying the fruits of a strong Australian housing market, with revenue increasing to 15.5% in the most recent financial period.

In a company statement accompanying the financial results, Nick Scali said: "The company expects market conditions for the second half of the 2017 financial year to remain favourable."

January is traditionally Scali’s biggest trading month in terms of sales, therefore the retailer anticipates a continued double digit growth in total sales and comparable store sales.

Nick Scali’s strong financial returns represent a rarity in the Australian retail sector, as companies in several other areas have suffered with a number of prominent brands, including Herringbone and Payless Shoes filing for administration. 

@AusBNOnline

 

This Month's Issue

v3i2 cover web

Subscribe

rgn web banner

abn web banner