SYDNEY, AAP – Furniture trader Nick Scali has doubled its full-year profit, but will not forecast its next lot of earnings due to coronavirus lockdowns.
The company on Thursday revealed net profit after tax of $84.2 million, which bettered its estimate from May of up to $80 million.
Sales rose by 42.1 per cent on the previous financial year to $373 million as many Australians spent on their homes while unable to travel widely.
Yet Nick Scali is unwilling to predict sales will continue to surge.
Sales orders for July were down 27 per cent as people in South Australia, Sydney and surrounds, and Victoria endured stay-at-home orders.
The business has traded exceptionally well in South Australia and Victoria since the orders were relaxed in these states, the company said.
Current lockdowns and the prospect of more meant it was not possible to give a first-half earnings forecast.
Countries from which Nick Scali sources products have also had lockdowns, adding to complexity.
Shareholders will receive a final dividend of 25 cents per share. This is more than last year’s final payout of 22.5 cents per share.
There are 61 Nick Scali stores across Australia and New Zealand.
Shares on the ASX traded for a record $12.96 in the wake of the earnings.
They had since eased to be up 0.28 per cent to $12.35 at 1138 AEST.