New stores lift profits

A SALES boost from new stores in Australia and New Zealand has helped lift furniture retailer Nick Scali’s firsthalf profit by 15 per cent but conditions will be challenging going forward.

Nick Scali’s net profit was $23.5 million in the six months to December on revenue up 8.1 per cent to $128 million.

Managing director Anthony Scali said six stores opened during the period and performed above expectations.

He expects its full-year profit to be 5-10 per cent higher than the $37.2 million it made in the year to last June.