Furniture retailer Nick Scali (ASX:NCK) hopes 2023-24 will be a year the market can forget, after cutting its dividend amid a 12-month slump in profits and sales.
The organization reported a 29% drop in profits as of mid-December 31, which narrowed in the second part of the year to a 20. 3% decline to $82. 1 million from $101. 1 million for 2022-2023.
Revenue fell 7. 8% to $468. 2 million, from $507. 7 million a year earlier.
The final dividend cut 2 cents per percentage to 33 cents, bringing the total for the year to 68 cents, from 75 cents per percentage. The interim dividend was reduced by five cents according to the percentage.
Nick Scali acquired British company Anglia Home Furnishing (trading as Fabb Furniture) on May 8, and his contribution is included from that date onwards.
The group’s profit for the year amounts to 468. 2 million dollars and 8. 3 million dollars for Fabb Furniture.
Revenue in Australia and New Zealand (ANZ) for the year ending June was $459. 9 million, which the company said was “in line with written order levels and typical delivery times. “
“Profits from the previous year benefited from higher deliveries as the June 2022 order bank narrowed and delivery times returned to pre-COVID levels. As a result, the group’s FY24 earnings declined by 7. 8% from last year and ANZ’s earnings by 9. 0%. decrease compared to last year.
The Group’s gross margin of 65. 6% for 2023-24 advanced by 2. 0% compared to FY23. Excluding Fabb Furniture, ANZ’s gross margin was 66. 0%, up 2. 5% from FY23, Nick Scali said on Friday.
Looking ahead to next year in Australia, New Zealand and the UK, Nick Scali was not optimistic.
While in Australia and New Zealand, “June 2024 benefited from five trading weekends, while July was deprived of one fewer weekend compared to calendar year 2023. “
“Written orders expansion for June and July combined is -1. 2% year-over-year. “
“We continue to expand the store network and expect to open two Nick Scali outlets and 3 to five Plush outlets in FY25. “
In the United Kingdom, “written orders have declined, affected by a combination of more challenging market conditions, longer delivery times due to disruptions in the origin chain, and the start of store renovations. “
“Commerce is expected to worsen further in the early part of FY25 as disruptions deepen due to store renovations and an update in the product mix. “
The latter comment was expected, given what Nick Scali’s control had to say about his acquisition in the United Kingdom and the market when the deal closed in May, but Australian investors will be looking for signs of improvement later this year.
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