Furniture and home goods retailer Nick Scali raised its first half profit forecast after sales soared 45% in the September quarter despite COVID-19 forced store closures in Melbourne and Auckland
The company said on Monday that the sustained sales trend, which included a 47% increase in online orders, continued through October
Previously it forecast a 50-60% increase from the first half of 2019-2020, but now indicates that net profit will increase by 70-80%
It even allows for delays in the supply chain caused by a drop in inbound shipments and reduced availability of sea containers, the company said.
« We have obviously benefited from some of the COVID spending, I would say, and the reallocation of what has historically been spent overseas on travel, » Chief Commercial Officer John Austen recently told Sky News
« And I don’t think that’s going to change anytime soon, mainly because we still have restrictions »
Nick Scali’s shares have been on a roller coaster for the past year, peaking at $ 9.52 in August after dropping to $ 3 in March
Investors who bought the shares around the same time last year and sold them now will have made a profit of around 37%
Nick Scali Limited, ASX, ASX: NCK
World News – AU – Nick Scali’s sales surge continues
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