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Postie Plus reports Q2 half sales
05
Feb '08
Postie Plus Group Ltd (PPGL) expects a turnaround for the second half after it reports a greater first half loss than for the same period last year.

"It is expected the first half result, to be announced later, will see a loss in the vicinity of $2.8m. With ordinary trading conditions prevailing, we foresee a second half turnaround to show a full year profit after tax of around $2m," the chairman Mr Peter van Rij said.

"PPGL typically faces more challenges in the first half, more so this year when there are a multiplicity of volatile factors that have affected the retail industry. With full stock levels, flat sales and lower margin as a result of difficult trading conditions, the need to clear the excess stock from the previous summer and winter became imperative.

"The clearing of excess stock has been achieved. It has been a difficult 12 months combating the overstock but strict systemic measures are now in place to concentrate on the benefits of lower stock levels for the future."

Other issues that impacted the result were the additional cost of distribution space and freight, interest paid on the increased stock and the cost of moving the Schooltex operations from Westport and Auckland to Christchurch.

"As many of these costs were one off we will get some pick-up in this next half, but more importantly for the group, as previously announced we are expecting to reap more substantial benefits over the next two to three years".

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