Kirkcaldie & Stains narrows full-year loss, takes charges on retail exit

Fri, 30 Oct 2015

By Jonathan Underhill Oct. 30 (BusinessDesk) - Kirkcaldie & Stains narrowed its full-year loss while recognising one-time costs and impairments related to exiting its 152-year-old Wellington department store. The loss was $4.5 million in the 12 months ended Aug. 30, from a loss of about $6.5 million a year earlier, the Wellington-based retailer said in a statement. Sales fell 10 percent to $31.9 million, while cost of sales climbed 12 percent to $19 million. In late July, Kirkcaldie shareholders voted in favour of Australian department...

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