Nick Scali profits soar

nickscaliFurniture retailer Nick Scali’s half year profit is up 28 per cent as it continues to open new stores.

Nick Scali made a profit of $10 million in the six months to December 31, up from $7.9 million a year earlier.

It opened two new stores in the period, and said online sales also grew, helping revenue rise eight per cent.

Nick Scali plans to open three new stores in Western Australia before the end of June, while leases for two other stores on the east coast are also expected to be finalised in that time.

Anthony Scali, MD of Nick Scali, said the company is pleased with its results in a difficult market.

“During the first half we managed to increase sales while holding our gross margin above 60 per cent in spite of the continued pressures from suppliers, the weakening of the Australian dollar and fluctuating consumer confidence.

“Our online channel continues to grow and will be an ongoing focus to complement our instore offer,” he said.

 

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