Nick Scali announces profits skyrocketed by 53%

Company News

by David Chau

Nick Scali Ltd (ASX:NCK) says its net profit after tax soared by 53% to $26.2 million for the year ended 30 June 2016.

The furniture retailer also says sales revenue went up by 30.4% to $203 million over the previous year.

The company has declared a fully franked final dividend of 14 cents per share, and a special dividend of 3 cents per share. This brings the total dividends for this year to 26 cents per share.

As for the company’s outlook, Nick Scali is expecting only modest sales growth in FY17. The reason being that the strong profit result in FY16 was driven by a large number of its new store openings, and the company says this is unlikely to be replicated in FY17.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.