Smiths City takes $1.5M hit from Employment Court ruling; trading loss mounts

Fri, 29 Jun 2018

By Paul McBeth June 29 (BusinessDesk) - Smiths City Group took a $1.5 million charge on what it expects to reimburse underpaid staff following this year's Employment Court ruling that employees should've been paid for attending sales meetings, adding to a bigger trading loss than forecast and prompting it to suspend dividends. The Christchurch-based retailer recognised the charge as a provision in its latest accounts, which note the payments will be calculated by Aug. 8. It will contribute to a $9.9 million trading loss in the 12 months...

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