Postie Plus lifts third quarter sales

Photo / Martin Sykes

Retailer Postie Plus has turned around falling results from earlier this financial year to show a 7.3 per cent lift in third-quarter sales to $25.4 million.

Managing director Ron Boskell said today that the group remained on track to deliver a modest profit at the end of the financial year.

All group brands, Postie+, Schooltex and Baby City, performed strongly in the third quarter to the end of April.

"We have inventory under control, reduced debt and our expenses are meeting stringent targets," he said.

The group had bought well, streamlined its supply and delivery chain and refreshed its branding.

Along with the rise in sales, margins had improved by even further in the latest quarter to maintain momentum as the group continued to rebuild to return to profitability, Mr Boskell said.

But he noted the group was now facing its most important retail quarter in a difficult economic climate.

For the three quarters of the year-to-date, the company's sales were down 1.2 per cent on a year ago to $75.3m.

In the first quarter its sales declined 8.8 per cent to $19.9m, while in the second quarter the decline was 2.3 per cent to $30m.

- NZPA