Smiths City annual profit drops 30%, sales rise as retailer ditches low-margin business

Fri, 24 Jun 2016

By Sophie Boot June 24 (BusinessDesk) - Smiths City Group reported a 30 percent decline in annual profit while at the same time lifting sales as the Christchurch-based retailer overhauled its operations to exit low-margin business. Net profit fell to $5.6 million, or 10.6 cents per share, in the year ended April 30, from $8 million, or 15.2 cents, a year earlier, Smiths City said in a statement. Trading profit rose 54 percent to $4 million on a 0.2 percent rise in revenue to $221.9 million. In 2015, Smiths City recognised $8.5 million in...

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