Beacon Lighting’s sales flat in first half
Specialty retailer Beacon Lighting’s underlying NPAT fell 21.6 per cent in the first half of FY20 to $9 million on a minuscule sales increase of 0.3 per cent to $123.1 million. Company store comparative sales decrease
Statutory NPAT rose 8.7 per cent to $12.7 million. According to Beacon Lighting, there was significant profit realised on the sale and leaseback of the Parkinson Distribution Centre (Queensland) reducing its net debt to $7.7 million.
The retailer achieved record sales in its Light Solutions Roadway and Beacon International businesses, and online sales continued to grow strongly at 22 per cent, but sales declined in its emerging businesses.
The company said it will continue to enhance its online presence in order to drive incremental sales.
Company store comparative sales decreased by 1.9 per cent.
Beacon will soon open a new store in Virginia (QLD), which is now under construction, and a new concept showroom is expected to open for Custom Lighting in Malvern (Vic).
New product ranges will be introduced for stores, Commercial, International, Light Source Solutions Roadway, Light Source Solutions Globes, Masson For Light and Custom Lighting.
Global fashion giants H&M, Uniqlo and Zara announced the closure of their Australian stores this week, joining the… https://t.co/nUDYH9gp4T3 days ago
Harvey Norman moves to preserve cash, just two weeks after chairman Gerry Harvey said some product categories were… https://t.co/qTOtNYwFNF3 days ago