NEW ZEALAND: Postie Plus boosts Q1 sales 15%
- First quarter sales rise 15%
- Same-store sales up 13%
- Reduced HY loss expected
Children's wear operator Postie Plus has posted continued sales growth in the first quarter, as it looks to reduce its business losses.
The New Zealand-based company posted a same-store sales increase of 13% for the first quarter ended 31 October.
Postie Plus chief executive Ron Boskell said: "Our 15% increase in sales for what is the first quarter of our 2010 year indicates that we are outperforming the specialty market and follows on from a very good second half to 31 July 2009 when PPGL recorded 9.69% lift in sales."
The company has been looking to make operational savings and said it achieved stronger cash flow since posting a loss in the first half of last year.
"Last year, we recorded a loss of $2.6m in the first half, but with this present trend which has seen each retail business within PGGL record good growth in both sales and margins, we should significantly reduce the loss that has customarily occurred for PPGL in the first half-year," added Boskell.
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