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Nick Scali outlook dampens bumper profit

Christian Edwards  |  10 Aug 2017Text size  Decrease  Increase  |  

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SYDNEY - [AAP] Furniture retailer Nick Scali (ASX: NCK) has lifted full-year profit 42.4 per cent to a record $37.2 million, on the back of strong sales and an expanding network.

Revenue for the 12 months to June 30 was up 14.7 per cent at $232.9 million, helped by the opening of four stores during the financial year, bringing the company's national total to 51.

The furniture retailer and importer has declared a fully franked final dividend of 20 cents per share, bringing the total dividends for the year to 34.0 cents per share, compared to 23 cents the previous year.

Looking ahead, the company flagged uncertainties across the influential housing market, in consumer confidence and potential interest rate rises as likely headwinds to sales growth.

Given the uncertainty of the trading outlook, the company declined to provide any profit guidance for FY18.

At 1030 AEST, Nick Scali shares were down 8.4 per cent, or 56 cents, at $6.10.

NICK SCALI's BUMPER RESULT

* Net profit up 42.4pct to $37.2m

* Revenue up 14.7pct to $232.9m

* Final dividend of 20 cents, 6 cents higher

 

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