Nick Scali records 15% profit increase

Company News

by Kathy Skantzos

Furniture company Nick Scali (ASX:NCK) has recorded a 15 per cent increase in half yearly net profit of $23.5 million, driven by an 8.1 per cent increase in revenue to $128 million for the half year.

The retailer opened six new furniture stores in the half year, including five in Australia and its first store in New Zealand, taking the number of stores to 55, and says it intends to open more.

Same store sales increased 2.6 per cent and EBITDA rose 15.9 per cent to $33.6 million.

The company also announced today the appointed Stephen Goddard as a non-executive director, who has held several roles in retail, including Finance Director and Chief Financial Officer of David Jones, effective from 1 March 2018.

The company has declared a fully franked interim dividend of 16 cents per share, payable on 28 March 2018, which is 2 cents more than the previous corresponding period.

Shares in Nick Scali (ASX:NCK) are trading 5.16 per cent lower at $6.62.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.