Postie Plus FY sales fall 4.4% on sale of Babycity, flat Postie revenue
Aug. 31 (BusinessDesk) - Postie Plus Group reported a 4.4 percent decline in full-year sales after selling its Babycity chain and maintaining little changed revenue at its Postie clothing outlets.
Sales fell to $110.9 million in the year ended Aug. 5, from $115.7 million a year earlier, the Christchurch-based company said in a statement.
Sales from Babycity, which was sold for about $4.1 million in May, fell to $16.9 million from about $22 million, while sales at its Postie stores were $94 million from $93.8 million.
“We want to focus on building the higher margin, flagship Postie brand and expanding our nationwide retail footprint through acquisitions in the future,” said chief executive Ron Boskell, who steps down in January after seven years running the company. One of Boskell’s last tasks is overseeing the relocation of the company’s headquarters to Auckland and completing an overhaul of executives.
The company will release its full-year results on Sept. 24. Postie Plus shares last traded at 24 cents and have declined 7.7 percent this year.