8 Sep 2011

Renaissance sales crimped by another distributor

6:31 am on 8 September 2011

Renaissance, the listed distributor of Apple products, says the introduction of a second distributor in the New Zealand market has crimped its sales.

The company expects to lose $2.7 million in earnings in the September financial year.

Renaissance says the earthquake in Christchurch severely restrained its activities there.

It plans to cut costs and reduce employee numbers, resulting in an expected after tax profit of $1.5 million for 2012.