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 joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.