Smiths City boosts 1H profit 13 percent against stiff competition, shares gain

Fri, 20 Dec 2013

By Paul McBeth Dec. 20 (BusinessDesk) - Smiths City, the Christchurch-based retailer, boosted first-half profit 13 percent even as its revenue dipped in the face of a competitive retail environment. Net profit rose to $1.9 million, or 3.61 cents per share, in the six months ended Oct. 31, from $1.6 million, or 3.2 cents, a year earlier, the retailer said in a statement. Revenue slipped 1.1 percent to $108.5 million. The shares climbed 5.1 percent to 62 cents. “The six months to October has seen retail trading conditions remain competitive...

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