Smiths City first half profit all-but wiped out as fading consumer demand saps sales, margins

Thu, 21 Dec 2017

By Sophie Boot Dec. 22 (BusinessDesk) - Smiths City Group posted a 5 percent fall in revenue and only just broke even in the first half of the 2018 financial year as economic concerns weighed on consumer appetites. Revenue dropped to $108.6 million from $113.9 million in the six months to Oct. 31, with profit at just $2,000 compared to $1.5 million a year earlier. The Christchurch-based retailer said costs associated with rebranding three Furniture City stores in Auckland and Whangarei and tough trading conditions weighed on its financ...

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