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Clothing retailer Postie Plus achieves 4.6% increase in H1 sales
25
Feb '11
Postie Plus Group Limited (PPGL) are pleased to announce that the group achieved a 4. 6% increase in sales against the previous year for the first half ending 30th January 2011 with “same store sales” recording the same 4.6% gain.

The board considers this to be reasonable growth and is pleased to be able to report a further increase in market share in what continues to be a difficult retail climate, particularly for the speciality apparel segment.

Second half revenue is traditionally larger and the group certainly expects that to be the case this year; however we are cautious about the outlook for the next half given the inconsistent pattern of trade in the last six months. Margins will continue to be under pressure given the ongoing discounting pressure in the segment.

The first half result is expected to show a reduction in last year's first half loss and will be released on 24th March 2011

Change in Chairman
Peter van Rij has informed the PPGL Board of his decision to step down as Chairman due to work commitments; he will however remain as a director to support the new Chairman, Richard Punter.

Following the election of Richard Punter to the chair:
• Peter van Rij has been appointed as Chairman of the Organisation & Administration committee
• Paul Smart remains Chairman of the Audit committee

Richard has been a full time professional director for some 15 years and an independent director of PPGL since its inception in 2003. He is an accredited Fellow of the Institute of Directors in New Zealand, with an MBA (Auckland). Currently Richard is also,

Chairman – Flotech Group Limited
Chairman – WhisperTech Limited
Independent Director – Motor Trade Association Inc.
Independent Member – Fonterra Milk Price Panel

In addition to his governance experience Richard has an extensive background in senior, consumer goods marketing, logistics and chief executive roles, including ex CEO of New Zealand Dairy Foods Limited, ex-CEO of Taubmans (NZ) Limited, and GM Global Operations, Zespri.

Postie Plus Group Limited (PPGL)


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