Business
Nick Scali shares soar after lockdown spending prompts profit upgrade – Sydney Morning Herald
Australians stuck at home in the pandemic have splurged on new lounge sets and dining tables, prompting the furniture retailer to predict a 50 per cent to 60 per cent spike in profits.
These results were ahead of analyst forecasts and the company’s own profit guidance, and was largely achieved by a $5 million reduction in costs, primarily in marketing and property expenses.
Coronavirus restrictions forced Nick Scali to temporarily close its 55 Australian stores in March and April, which were estimated to have cost the business between $9 and $11 million.
However, the surge in housebound Australians looking to spruce up their homes prompted a sharp rebound in sales after rest…
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