28 Oct 2011

Retailer trims losses

7:33 am on 28 October 2011

Kirkcaldie & Stains in Wellington has trimmed its losses.

The high-end retailer lost $56,000 for the year to the end of August, compared with a loss of $1.9 million in the previous year when it incurred a one-off cost from changes to building depreciation rules.

Revenue fell 3% to $41 million.

The company says earnings fell due to earthquake strengthening of its Harbour City Centre property and the subsequent loss of rental income.

Retail trading remains difficult due to restrained spending by shoppers.