Nick Scali reports record profit for FY17

Company News

by Jessica Amir

Nick Scali Limited (ASX:NCK) reported a record net profit after tax (NPAT) of $37.2 million for the financial year ending 30 June 2017, which is an increase of 42.4 per cent on the prior corresponding period.

The furniture retailer saw a 15 percent rise in sales revenue to $232.9 million.

The bolstered sales came on the back of favourable market conditions, overall store sales growth and new stores openings in FY16 and FY17.

The company says as it also maintained tight cost controls which saw its operating expenses fall.

Nick Scali’s EBIT also firmed higher and it rose by about 43 per cent to $52.9 million.

The company also declared a fully franked dividend of 20 cents per share bringing its full year dividend to 34.0 cents per share.

Shares in Nick Scali Limited (ASX:NCK)are trading 9.91 per cent lower to $6.00.
 

Jessica Amir

Finance News Network
Jessica is a senior finance journalist and presents the Market Outlook, Market at Midday and Market Wrap. She also presents ASX company news and interviews CEOs. She joined FNN in January 2017 with six years of broadcast journalism experience. She worked as a journalist and producer with Sky News Business, ABC 1, ABC's The Business and ABC24. She also worked in regional Australia for Prime 7 and WIN News as a TV reporter. In her prior life she worked as a financial planner.