Retailer Smiths City has made a profit of $1.7 million in the six months to the end of October, an increase of 3% compared with the same period a year earlier.
Revenue remained flat at $110 million, which the company says is due to intense competition, restrained consumer spending and reduced margins on alliance products.
The Christchurch-based company will terminate its relationship with its financier and move to an unnamed major bank to reduce interest costs.
