Furniture retailer Nick Scali expects net profit for the current first half of the financial year to be in the range of $56 to $59 million.
This would represent a 57 to 66 per cent jump on the first half of FY22.
Managing Director Anthony Scali (pictured above) told investors at this morning’s AGM that in the financial year-to-date (from July 1 to October 31), sales revenue reached $194 million.
“This has been a tremendous achievement by our distribution teams which demonstrates the operational capacity in the business to support future volume growth,” he says.
“October year to date sales revenue is 74 per cent above the same period in the prior year, which was before the Plush acquisition in November 2021.”
Nick Scali’s group margin for the period improved 180 basis points to 61.3 per cent, compared to 59.5 per cent for the second half of FY22.
“We expect gross margin to continue to improve over FY23 with further realisation of the Plush synergies.”
Nick Scali shares are up 10.5 per cent this morning, as of 11.45am.
