New Zealand retail group, Postie Plus Group Limited posted an unaudited sales increase for the full year of just 1.7 per cent, which PPGL CEO Ron Boskell said was "disappointing".
The group, who own NZ fashion brands including Postie and SchoolTex, also reported a difficult fourth quarter, showing a 6.27 per cent drop on the same period last year, noting that primary effects on second half results were cautious consumer spending and a late start to the cold season.
Annual unaudited sales were lower than expected, at $115.73 million for the full year to August, however PPGL protected its market share and sustained margin at strong levels, close to that of preceding periods.
The group are expecting after tax profit to show a small increase on the previous year, attributing well managed inventory to this forecast.
Postie Plus Group Limited will assess the accuracy of their forecast in late September, when full year profit results are released.