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Source: ONE News -
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Retailer Postie Plus looks to have found a way to bust the recession, lifting fourth quarter sales 12.9% above levels of a year earlier to $34.9 million.
Managing director Ron Boskell said group margins were also rising, and the sales performance was pleasing in light of the recession and strong competition from competitors "scrambling to increase sales at the expense of margin".
The company's performance improved in each of the four quarters during the financial year.
From an 8.8% decline in first quarter sales compared to figures from a year earlier, it managed a 2.3% fall in the second quarter, and then an increase of 7.3% in the third quarter.
Boskell said the increases in sales and margins indicated the company's product range was what the market wanted.
"The success of winter is attributable to amongst other things our new offering, more fashion, better fits and improved quality," he said.
The continuous improvement in sales in the fourth quarter brought to fruition the significant structural and operational changes in the business during the past two years.
Postie Plus was forecasting a modest profit after tax, with the full year results to be published in late September.
Company brands include Postie , Schooltex and Baby City.
