Smiths City to write down unprofitable stores by $4.8M, pushing it into the red

Mon, 16 Apr 2018

By Paul McBeth April 17 (BusinessDesk) - Smiths City Group will write down several unprofitable stores by $4.8 million as the rebranded Auckland stores struggle to gain traction with an unfamiliar clientele, pushing the retailer into the red for the current financial year. The Christchurch-based company expects to report a net loss of between $7 million and $8 million in the year ending April 30, compared to a profit of $2.4 million a year earlier, it said in a statement. Revenue is seen falling to between $209 million and $213 million f...

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