Lidcombe. Nick Scali's sales downturn

Furniture retailer Nick Scali Limited, at Lidcombe, announced a net profit after tax of $2.5 million for the half year ended December 131. The result was achieved in very difficult trading conditions, which saw a decline in sales revenue of 8 per cent to $39.9 million and pressure on gross margin as a result of the rapid depreciation of the Australian dollar in the period. The company said sales in January, traditionally the industry’s biggest trading month were down 2 per cent overall and 6.5 percent on a comparative store basis, compared with last year. Forecasting trading results for the full 2008/09 year ”remains difficult”.