Postie Plus reports same-store sales dip

Clothing retailer Postie Plus today posted a 3.1 per cent dip in same-store sales for the first quarter, compared to the same time last year.

But total sales were up 5.3 per cent for the period, thanks to the opening of a number of new stores.

The retail chain reported total first quarter sales worth $24.81 million, up from $23.56 million.

Postie Plus said revenue dropped in August and September due to an "aggressive approach" to clearing winter stocks.

But these revenue dips were recovered in October, when sales rose 11.7 per cent higher than last year.

The retail chain said it was hard to give a profit guidance for the full year, given the variability of the economy and the huge impact the busy retail months of December and January generally had on its results.

The company said it would have a more accurate picture at the end of the second quarter, and would provide a profit forecast then.

Shares in Postie Plus were unchanged at 65c in morning trade today, having ranged between 58c and $1.37 over the past 12 months.

- NZPA