Postie Plus reels from outsourcing woes as 1H loss widens, burns through cash

Thu, 21 Mar 2013

By Paul McBeth March 22 (BusinessDesk) - Postie Plus Group, the retailer whose shares have plunged 38 percent this year, is reeling from a wider first-half loss as it deals with major problems at its outsourced distribution centre, burning through cash in the process. The Auckland-based retailer made a net loss of $1.8 million, or 4.61 cents per share, in the six months ended Feb. 3, from a loss of $775,000, or 1.94 cents, a year earlier, it said in a statement. Earlier this month Postie Plus said it was bracing for an annual loss and would...

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