8 Apr 2014

Woes continue for Postie Plus

7:23 pm on 8 April 2014

Troubled retailer Postie Plus has reported a $3.8 million loss for its first-half.

The company narrowly made it in with its results, after a delay in publishing them resulted in the threat of suspension from the stock exchange by operator the NZX.

They were given until the end of play on Tuesday to publish them.

The retailer posted a $3.8 million after tax loss in the six months to February, widening from the $1.8 million loss for the same period last year.

Postie Plus chief executive Richard Binns said the results were disappointing, particularly for shareholders, but not unexpected.

"But we are making progress through the recovery phase, and we're driving some operational improvements in the business," Mr Binns said.

The poor result was due to a combination of factors, including distribution issues.

"Certainly, losing our market share has been a challenge for us and in such a competitive market, to reclaim market share when shoppers have so many options is not an easy thing to do," he said.

"But we are positioning the business so that we can regain those lapsed customers."

The company had identified business categories where it needed to work harder, and was confident it would get back to where it was before it had issues with its distribution centre, Mr Binns said.