Nick Scali sales, profit soar despite rising interest rates

(Source: NickScaliFurniture/Facebook)

Furniture retailer Nick Scali has reported record sales in its December half and its profit jumped by 70 per cent.

In an ASX announcement, the business said sales grew 57.4 per cent to $289.9 million while earnings before interest and taxes increased 65.5 per cent to $91.2 million.

Tax-paid profit climbed 70.2 per cent to $60.6 million compared to the same period last year. Online written sales orders were $12 million for the half.

During the period, the company opened one new store in Helensvale, Queensland and a Plush store in Capalaba, Queensland while four new stores are planned for the second half.

Group MD, Anthony Scali, said the results are a “tremendous achievement” by the brand’s distribution teams.

“The integration of Plush is now complete with IT and distribution operations integrated during the half and we are well placed to grow our store network under both brands.”

He added in the next half, the company will commence its 12-month program of refurbishing more than 40 Plush stores with new and improved products, images and store appeal to customers.

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