Wellington, May 27 NZPA - Clothing and nursery retailer Postie Plus Group reported a 4.3 percent rise in third quarter sales from a year earlier to $26.5 million.
The company today said it had continued to improve performance and protect margin in challenging market conditions.
Group chief executive Ron Boskell said year to date sales of $80.6m were up 7 percent, with same store sales up 6.5 percent.
At the same time, sales momentum had slowed for the first time this financial year, which the company believe reflected the impact of the economy on the retail environment, particularly during April.
"There is no doubt that the warm, dry autumn weather has played its part during April as every apparel retailer will attest to, however our strong marketing programme and the tremendous loyalty of our customers has ensured good progress ahead of prior years," Mr Boskell said.
Unlike some other retailers who had made impairment adjustments because of the continuing impact of the downturn, all of Postie Plus' assets continued to be in strong shape and the company was increasing its retail footprint.
The Postie clothing chain would open two additional branches late in the current quarter -- one at Dannevirke and the other near Kerikeri, expanding the chain to 81 stores nationally.
"We are well prepared for the final quarter which we expect to be competitive as the cold weather hits and retailers look to clear winter stocks to make way for the new season," Mr Boskell said.
Postie Plus anticipated no significant stock overhang at year end.
Trading during the several trading weeks remaining until the July balance date was of key importance, with the group remaining on target to achieve an improved 2010 result.
As well as its Postie stores, the group includes 24 stores in the Baby City nursery retail chain.
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