11 May 2009

Postie Plus sales increase 7%

12:52 pm on 11 May 2009

Clothing retailer Postie Plus has announced a increase in sales for the three months to the end of April.

The company reported sales of $25.4 million during the quarter, a rise of 7% compared to the same period a year ago.

Managing director Ron Boskell says both sales and margins rose despite intense competition and heavy discounting, as retailers try to entice consumers and move stock.

Postie Plus has cut stock, sold one of its underperforming businesses, reduced debt and pared back operating costs to cope with the downturn.

Mr Boskell says the company's other brands - SchoolTex and Bacy City - also performed strongly, and the retailer is still on target to make a modest annual profit.

Overall, sales totaled $75.3 million for the nine months to April, a decrease of 1% on the same period a year earlier.