23 Dec 2009

Smiths City profit up

6:09 am on 23 December 2009

Smiths City made an operating profit of just over $1 million in the six months to October, an increase of 24% on the same period last year.

Revenue fell 6% to $107 million, while sales at stores open at least a year declined 4.5%.

But the Christchurch-based retailer managed to cut costs and stock and boost its cashflow.

The company opened a new store in Porirua this month and says it wants to expand in the region to complement its LV Martins operations.

The company will pay a half year dividend of 1 cent per share.