Smiths City puts off capital return until next year as tight trading leads to earnings downgrade

Wed, 25 Oct 2017

By Paul McBeth Oct. 25 (BusinessDesk) - Smiths City Group has delayed a planned $5.7 million capital return to shareholders a second time as increasingly tight trading conditions prompted the retail chain to downgrade its first-half earnings outlook. Christchurch-based Smiths City won't consider the capital return until 2018 as stiff competition and the need for more investment in its transformation programme led the board to maintain a more conservative capital structure. The retailer already delayed plans to pay 72 cents per share in a...

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