Smiths City 2Q sales tumble 11.5%

Smiths City Group, which owns home appliances retailer LV Martin, said its second-quarter sales sank 11.5% as the Canterbury earthquake and Southland snowstorms disrupted trading.  

The Christchurch-based company said “trading conditions in retail for furniture and appliances are expected to remain difficult” and it’s too early to estimate the impact on profitability.

Smith City’s lodged a claim with its insurer for lost income at certain stores in Canterbury, which has been accepted in principle, though the amount of cover is still being worked through.

The retailer said it’s opening a store in Lower Hutt in December as it continues to expand its presence in the greater Wellington region.

The company will incorporate the Porirua LV Martin store into the adjacent Smiths City, and will revamp the LV Martin headquarters in Wellington’s Ngauranga Gorge.

The shares, which trade infrequently, last traded at 38 cents on October 29, and have dropped 5% this year.

Businesswire.co.nz

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