Postie Plus flags wider first-half loss on weak sales

Postie Plus Group, the clothing retailer, said its first-half loss widened after a 4.6 percent decline in sales.  First-half results will be released on March 26 and are expected to be “marginally below last year’s result,” the retailer said in a statement. The company posted a loss of $750,000 in the first half of 2011.

Sales fell to $53.9 million in the six months ended Jan. 29, from $56.5 million a year earlier, it said today.

“The overall group margin percent improved for the period following stronger performance by the Postie brand in spite of a sluggish apparel market,” the company said. “Expenses continue to be managed well with overall expenses less than last year.”

The retailer’s results reflect the closure of four stores during the period, in line with the company’s decision to close down poor-performing outlets as leases expire.

As highlighted at the AGM the company will continue to look for acquisitions this year, it said.

Postie Plus shares fell 4 percent to 24 cents on the NZX today and have declined about 4 percent this year.

BusinessDesk.co.nz

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