Smiths City trading reflects quick restart in February

30 January 2012: Smiths City Group’s report for the half year ended 31 October 2011 just released on the NZX shows a decent return.

The report shows an operating surplus after taxation for the six months to October 2011 of $1.643 million compared with $0.790 million last year – an increase of 108%, while operating revenues for the six month period increased from $109.5 million to $109.9 million (+0.3%).

The report also shows same store sales 20% ahead of the same period last year having adjusted for the inactive stores in Colombo Street and Moorhouse Avenue and the new Smiths City store in Lower Hutt which was opened in December 2010.

This more than doubling of after tax profits has been reported as being substantially due to the retailer being able to restart trading in Christchurch in advance of its competitors after February 2011 earthquake.

Read the full half year report here.