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.

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