• FY net profit up 58% to NZD656,000
  • Group sales edged up 1.7% to NZD115.73m
  • Operating profit rose 12.8% to $1.92m 

Clothing chain Postie Plus has shrugged off a "very challenging retail environment" to post a 58% hike in full-year profit, but said the results were lower than it had hoped.

"Our trading year had distinct promise of a solid year," chairman Richard Punter said today (28 September). "However, the ongoing economic uncertainty has seen consumers inclined to commit more to savings than to personal spending on clothing."

He also blamed a sequence of natural disasters as well as historically high winter temperatures.

But the company added that the results show it has not only locked in previous efficiency gains but has made further improvements in the cost of doing business.

For the year ended 31 July, the group increased its net profit after tax to NZD656,000 (US$516,400) from last year's NZD415,000.

Group sales edged up 1.7% to NZD115.73m from NZD113.77m the previous year. And operating profit rose 12.8% to $1.92m.