Smiths City narrows FY loss as finance offsets soft retail demand

Sun, 30 Jun 2019

By Rebecca Howard July 1 (BusinessDesk) - Smiths City narrowed its full-year loss as growth in same-store sales and a strong performance from its finance arm offset softer retail demand in the second half of the year. The furniture and appliance retailer reported a net loss of $1.7 million in the year to April 30 versus a $7.2 million loss in the prior year. Revenue was down 4.4 percent at $206.4 million, following store closures and slower trading in the second half of the year. The company closed stores in Queenstown and Gisborne,...

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