Nick Scali ups final dividend, profits fall

The retailer faced a number of significant challenges in 2022, with more than 55 per cent of its store network closed for three months in the first half of the year and widespread disruption to its supply chain in the second half of the year.

As a result of the China lockdowns in April and May, outstanding orders remain elevated and totalled $185.3 million at 30 June, about 67 per cent higher than at the same time in the previous year.Chief executive Anthony Scali called the year particularly challenging with lockdowns, but the company was able to deliver a strong result and end the year with a significant order bank that will translate to revenue this new fiscal year.

He said given the elevated order book, and the incremental sales revenue from the Plush business, revenue for this first half would be “materially above” the previous year. Mr Scali added that July trading so far was positive, with total written sales orders for the group of $43.2 million, up 64.1 per cent on July 2021. But he also noted that potential rising freight costs and inflationary pressure on operating costs over the next two years would weigh on the group.

The directors declared a fully franked final dividend of 35¢ a share, to be paid on October 24. This is higher than the 25¢ a share final dividend paid a year ago.has more than 10 years' experience as a business journalist having previously covered healthcare, retail/consumer goods, industrials and agribusiness. She is based in our Sydney newsroom.

Scali blames the world. My own take is poor service. Please answer my call!!!

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