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Nick Scali forecasts bumper year ahead as third quarter delivers

Nick Scali enjoyed almost doubled profits during the last half.

Furniture firm Nick Scali’s written orders grew 50 per cent during the third quarter, continuing the strong trading momentum the business enjoyed during its first half.

Due to this ongoing positive momentum, Nick Scali is forecasting its full-year EBITDA to hit $120 million and resulting net profit to fall in the range of $78 to $80 million – a 90 per cent increase on the year prior.

This follows the business’ doubling of first-half profit, announced in February, due to reduced discounting and increased trade.

Furniture and homewares retailers enjoyed a spike in online trading during the onset of the Covid-19 crisis on account of Australians largely being kept indoors and taking the opportunity to re-evaluate their living conditions, and this momentum has largely continued despite movement restrictions being lifted.

And, with showrooms able to be opened once again, the strong momentum has bled out into the physical world: Nick Scali’s written orders in April were up 242 per cent on the same period of April 2020, which saw its stores closed during the initial lockdown period.

Even compared to the year before, FY19, April’s orders were up 37 per cent, showing a marked increase in interest by consumers.

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