Nick Scali Limited Reports Earnings Results for the Half Year Ended December 31, 2015; Provides Earnings Guidance for the Fiscal Year 2016 and Sales Guidance for the Second Half of the 2016
February 08, 2016 at 04:19 pm EST
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Nick Scali Limited reported earnings results for the half year ended December 31, 2015. For the period, the company reported sales revenue of AUD 102.5 million compared to AUD 77.6 million a year ago. EBITDA was AUD 21.1 million compared to AUD 15.0 million a year ago. EBIT was AUD 20.0 million compared to AUD 14.0 million a year ago. Profit before tax was AUD 20.2 million compared to AUD 14.4 million a year ago. Net profit after tax was AUD 14.1 million compared to AUD 10.0 million a year ago. Earnings per share were AUD 17.4 compared to AUD 12.4 a year ago. Operating cash flow was AUD 9.5 million compared to AUD 5.8 million a year ago. Capital expenditure was AUD 18.0 million compared to AUD 7.2 million a year ago. Operating cash flow increased from prior comparative period primarily due to the sales increase with nine new stores opened over the past 12 months and combined with comparable sales growth of 11.6% first half of 2016. Capital expenditure increased from the purchase of the Macgregor property for AUD 9.1 million and the Nunawading property for AUD 4.4 million with a corresponding increase in borrowings of AUD 6.6 million to part finance these acquisitions. Profit growth was driven by a 32% increase in sales revenue to AUD 102.5 million for the half year.
Current expectation is for net profit after tax for the fiscal year 2016 to be in the range of AUD 22 million to AUD 24 million.
The company expects continued sales growth for the second half of the 2016 financial year.
Nick Scali Limited is a furniture retailer operating in Australia and New Zealand. The Company is engaged in the sourcing and retailing of household furniture and related accessories. Its sofas and armchairs collection include recliner sofa collections, leather sofa collections, fabric sofa collections, occasional armchairs, and others. Its living room collections include TV and entertainment units, coffee tables, side tables, console and hallway tables, and others. Its dining room collections include dining tables, dining chairs, and buffet tables and sideboards. Its bedroom collections include mattresses, bedframes, bedside tables, and dressers, among others. Its rugs and accessories collections include rugs and mirrors. It imports more than 5,000 containers of leather and fabric lounges as well as dining room and occasional furniture. The Company has stores located in New South Wales, Queensland, Victoria, Tasmania, South Australia, Western Australia, and others.
Nick Scali Limited Reports Earnings Results for the Half Year Ended December 31, 2015; Provides Earnings Guidance for the Fiscal Year 2016 and Sales Guidance for the Second Half of the 2016