10 Dec 2012

Distribution hiccups for Postie Plus

7:53 am on 10 December 2012

Postie Plus says its trading in the first quarter was behind where it was at the same time a year ago, due to hiccups in moving its distribution centre in Auckland.

At its annual meeting, the company told investors the transition meant stock did not get to stores on time.

Postie's trading was down 1.7% and Schooltex was down 17%, for an overall drop of 2.9%.

The company is shifting its headquarters from Christchurch to Auckland and chief executive Ron Boskell will step dow early next year.

A new health and beauty products brand called Pogo will be launched in the first half of 2013.

The company also wants to double its size through acquisitions, though it has not decided on a purchase yet.