Stocks of the Hour: Westpac, Nick Scali

Company News

by Melissa Darmawan

Westpac (ASX:WBC) has delivered $1.8 billion in statutory net profits for the December quarter. The nation’s oldest bank has flagged a 3 year plan to decrease costs and unveiled its new management structure, though the bank has warned about the prospect of a shrinking net interest margin. Shares in Westpac are trading 2.4 per cent higher at $21.09.

Furniture chain Nick Scali (ASX:NCK) has posted a 17.4 per cent tumble in its first-half profit to $33.5 million. Continued supply chain disruptions, rising freight costs and a slump in store traffic due to the Omicron variant of Covid-19 crushed its sales and earnings for the period, but customers are adjusting, as sales traffic improved towards the end of January. Shares in Nick Scali are trading 1.8 per cent higher at $14.66.

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