Postie Plus reports sales up

Ron Boskell of Postie Plus

Clothing and nursery product retailer Postie Plus Group lifted first quarter sales 15 per cent from a year earlier.

Chief executive Ron Boskell said the group should significantly reduce its customary first half loss, given the good growth in sales and margins within each of the retail businesses.

Last year, Postie Plus recorded a $2.6 million first half loss.

Boskell said the rise in sales in the first quarter indicated the company was outperforming the specialty market and followed a good second half, to July 31, when group sales lifted 9.7 per cent.

In the spring quarter, which ended October 31, group same store sales also lifted 13 per cent.

The sales trend was "really pleasing", Boskell said.

"The sales uplift shows solid growth across each of our key brands, with our Postie and Babycity customers clearly relishing the improved quality, selection and fit that we have worked very hard to achieve."

The group continued to make the operational savings that were evident at year-end, with the result that it had stronger cash flow being generated across the counter.

Postie Plus shares last traded at 39c on Friday, having ranged between 20c and 43c in the past year.

- NZPA