5 Dec 2011

Improved sales expected by Noel Leeming

12:26 pm on 5 December 2011

Noel Leeming Group expects improved sales this Christmas as it continues to grow market share.

The company, which owns the Noel Leeming and the Bond+Bond stores, says sales are 8% higher for the six months to the end of September, than in the same period a year earlier.

Group chief executive John Journee says the company has made major gains in market share, despite the challenging environment.

Mr Journee says the result is particularly pleasing given the corresponding period last year included a significant boost in sales before the October GST rise.

Noel Leeming Group is owned by Gresham Private Equity of Australia and Direct Capital of New Zealand.

Documents lodged with the Companies Office show it lost almost $3 million in the year to the end of March, compared with a loss of $3.5 million a year earlier.

Stripping out one-off items, operating profit, was $7.3 million, 40% more than a year ago.