Kirkcaldie turns to first-half loss on tax writeoff, falling sales

Tue, 28 Apr 2015

By Jonathan Underhill April 28 (BusinessDesk) - Kirkcaldie & Stains turned to a first-half loss as sales fell and the Wellington department store operator wrote down a deferred tax asset. The loss was $501,000 in the six months ended Feb. 28, from a profit of $563,000 a year earlier, the Wellington-based retailer said in a statement. Total revenue fell to $17.5 million from $19.4 million as retail sales declined 0.6 percent to $16.9 million and rental income fell to $553,000 from $2.4 million. The retailer said it is still working thro...

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