NEW ZEALAND: Christchurch-based clothing retailer Postie Plus has ended the third quarter with a 7.3 per cent growth in sales.
The retailer increased sales to $NZ25.4 million in the three months ended March 31.
In a statement to the New Zealand Exchange (NZX) managing director Ron Boskell said the group was on track to deliver a "modest" profit at the end of the financial year.
"We achieved growth in both sales and margins during the recession and against continual discount promotions from our major competitors to give us great heart going forward," Boskell said.
However, he warned New Zealand was in a recession and whilst our results have been pleasing in the third quarter, we still face the most important retail quarter for PPGL in a difficult retail climate.
All the Group’s brands, Postie+, Schooltex and Baby City, performed strongly in the third quarter which showed the strength and appeal of the offering and the effectiveness of the Group’s restructured processes and systems, he said.
"We have inventory under control, reduced debt and our expenses are meeting stringent targets. We have bought well, streamlined our supply and delivery chain and refreshed our branding to give shoppers genuine choices and value to look good for less."