Jun 23, 2017 Last Updated 8:49 AM, Jun 22, 2017

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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

 

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