Postie Plus plunges deeper into the red with $11.6 mln loss, faces tight cash flow

Fri, 27 Sep 2013

By Paul McBeth Sept. 27 (BusinessDesk) - Postie Plus, the retailer whose shares are the worst performer on the NZX this year, plunged deeper into the red after its poorly executed outsourcing deal for a distribution centre in Mangere disrupted the business, and has left it relying on its banks to keep it cash-flow positive. The Auckland-based retailer’s loss widened to $11.6 million, or 29.12 cents per share, in the 12 months ended Aug. 4 from a loss of $183,000, or 0.46 cents, a year earlier, it said in a statement after the close of tradi...

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