By SIMON HENDERY
Appliance trader Pacific Retail Group says smarter management and reduced overheads contributed to an improved half-year result.
The listed parent company of the Noel Leeming, Bond & Bond, Computer City and Living & Giving chains yesterday reported an unaudited $6.1 million surplus for the six months to September 30.
Total group revenue for the period was up $21 million.
Chairman Maurice Kidd said consistency in decision making, reduced overheads, improved margins and "carefully controlled interest-free credit activity" through the company's finance arm, Pacific Retail Finance, all contributed to the improved result.
The group expected further improvements in its result next year through new stock management, distribution and logistics systems it had put in place this year, Mr Kidd said.
Peter Halkett, who took over as group chief executive from Stefan Preston last month, said the appliance market was "quite buoyant."
Mr Halkett said Pacific Retail had achieved good sales growth from its newer product lines such as computers, large screen televisions, and communications equipment.
The group's growth strategy includes expanding the six-store Living & Giving gift chain outside Auckland and Hamilton.
"Our plans for continuing to grow the business include opening new stores, extending existing stores, expanding the Living & Giving business and maintaining our drive for greater efficiency," Mr Halkett said.
Pacific Retail shares closed unchanged yesterday at $1.38.
Group profit linked to right decisions
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