Sales at clothing retailer Postie have fallen due to the sale of its BabyCity stores in May.
The listed company says the value of sales was $111 million in the year to the end of July, a drop of 4% compared with the previous year.
The company is overhauling its business and wants to double its size through acquisitions, new stores and a wider range of products.
It is moving its headquarters from Christchurch to Auckland, while its chief executive of seven years, Ron Boskell, will step down early next year.
