Nick Scali’s drop in half-year profits cushioned by growing revenue

 Nick Scali’s (ASX: NCK) profit for the half-year ending December 31 declined as the business was forced to close 55 per cent of its stores due to COVID-19 restrictions and was also caught up in wide-scale supply chain issues.

After acquiring the sofa specialists Plush in November 2021 for $101.4 million, the furniture store’s underlying earnings before interest and tax decreased by 3.7 per cent to $55.1 million, resulting in no immediate bounce in profit from the purchase.

Net profit after tax was $35.6 million, 6.6 per cent lower than the same period last year, although the business could take some comfort from the revenue growth, up 5.4 per cent from $171.1 million to $180.3 million.  

Read More: https://www.businessnewsaustralia.com/articles/nick-scali-s-drop-in-half-year-profits-cushioned-by-growing-revenue.html