Postie Plus 4th-qtr sales drop 6.3% on warm start to winter, flags full-year profit gain
Aug. 29 (BusinessDesk) – Postie Plus Group Ltd., the clothing chain, said fourth-quarter sales fell 6.3% as a warm start to winter sapped sales of cold-weather garments.
Sales in the three months ended Aug. 1 fell to $29.5 million, the company said in a statement. That resulted in annual sales growing a lower-than-expected 1.7% to $115.7 million.
Unseasonal weather curbed “what is normally the busiest sales period for cold weather clothing,” chief executive Ron Boskill said.
Still the firm managed to maintain its margins and market share close to levels in the 2010 year and expects to post a small increase in net profit when it reports its results on Sept. 27, it said.
It made a $415,000 net profit last year.
The shares were unchanged at 22 cents and have declined 21% this year.