Housing boom boosts Nick Scali
The booming housing market is expected to help deliver a 20 per cent boost in first half profit for furniture retailer, Nick Scali.
The retailer has notched up double digit growth in sales orders for the first quarter of the financial year, even though it says business has been volatile.
Anthony Scali, MD of Nick Scali, said that based on recent customer demand, first half net profit could be about 20 per cent above the $7.87 million made in the same period last year.
“We are hopeful that the continuation of historically low interest rates and increased dwelling construction will generate an improved level of consumer confidence and demand as the year unfolds, but we do expect short term volatility to continue,” he told shareholders at the company’s annual meeting on Thursday.
Meanwhile, the company is preparing to open three stores in Perth plus a distribution centre in 2015.
A progressive think tank is worried the government will look to offset its recent spending on the response to Covid… https://t.co/8Tf744DbcD7 hours ago
To stimulate Australia's economic recovery, one group is recommending an increase in GST, another is calling for a… https://t.co/GoZmLBpAaJ9 hours ago