Billionaire Aussie family's NZ Spotlight posts FY16 profit drop

Thu, 29 Dec 2016

By Tina Morrison Dec. 30 (BusinessDesk) - Spotlight, New Zealand's largest fabric, craft and home decor retail chain owned by one of Australia's wealthiest families, posted a decline in profit for the first year in five in 2016, as it marked two decades in this country. The local unit of the Melbourne-based chain posted a 14 percent drop in profit to $5.2 million in the year ended June 26, according to its financial statements posted with the Companies Office last month. Revenue increased 3.8 percent to $103.4 million. Costs rose across t...

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