Expenses rise at Kirkcaldie & Stains

By Phil Boeyen, ShareChat Business News Editor

Monday 30th April 2001

Wellington retailer Kirkcaldie & Stains has reported a lower interim profit but increased sales as it prepares to head to the NZSE's main board.

For the six months ended February the secondary-listed department store had a profit of $1.01 million compared with $1.12 million last year. Half-year sales were $18.8 million, up 2.3% on last year.

Chairman, Denis Tait says consistent with the board's strategy of improving the business over time, expenditure in the first half of the year was higher than last year.

"It is anticipated that there will be other developmental costs to continue this trend in the second half."

He says recent trading has been unpredictable but Christmas was very busy and the store's February sale was the best yet.

"There has been considerable comment recently about the buoyant New Zealand economy going against an international trend.

"Within the generally positive domestic news there have been elements of pessimism in the retail sector. I am pleased to say that Kirkcaldie & Stains' position at the quality end of the retail market has insulated the company from the decline in retail spending."

Mr Tait says the search for a new managing director is now in its advanced stages and the company is planning to make its formal application in May to move to a full listing on the main board of the NZSE.

A fully imputed dividend of 14.5 cents per share will be paid, the same as last year's interim payout.

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