Wellington retailer Kirkcaldie & Stains lifted first half net profit 50.4 per cent to $725,000, despite a 4.2 per cent fall in revenues to $21.96 million.
The company today said that reduced inventory level had led to fewer markdowns, but meant less product was available for the annual sale which had in turn led to less sales revenue.
Retail sales remained subdued as consumers continued to be cautious about the economic situation, Kirkcaldie & Stains said.
"We would expect that the year ahead will remain difficult for retail trading, particularly as consumers have become accustomed to 'sale' prices."
A unchanged fully imputed dividend of 3c per share is to be paid for the half year to February 28.
For the retail operation, pre-tax profit for the six months was 20.7 per cent up from a year earlier at $716,000, while retail sales fell 5.2 per cent to $19.8m.
The property unit increased pre-tax profit 73 per cent to $393,000, with most of the gain due to a reduction in interest expense saving the company $145,000 for the six-month period.
- NZPA
Kirkcaldie profits up 50pc
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