Nick Scali logs full year double-digit growth in revenue, profit
Furniture retailer Nick Scali posted a 15.1 per cent increase in revenue and 26.1 per cent growth in net profit after tax for the year ended June 30 – a success it attributes to smart logistics management.
The group reported FY23 revenue of $507.7 million, while net profit after tax reached $101.1 million.
Gross margin improved 2.5 per cent to to 63.5 per cent. The group generated $89.8 million from operating activities compared to $79.8 million in the prior year.
As of June, the group had a store network of 64 Nick Scali stores and 43 Plush stores. It plans to open three new Plush locations and one Nick Scali venue in the first half of FY24.
“Revenue in the year has been underpinned by the efforts of our logistics team who were able to manage the peaks of product inflows enabling our lead times to customers to reduce as shipping delays eased,” said Anthony Scali, MD of Nick Scali.
“Trading during the year has been variable and challenging as consumer sentiment deteriorated in line with interest rate increases.”
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