Australia's Nick Scali down as monthly sales orders decline

Nick Scali

07/02/2023 04:11

** Shares of furniture retailer Nick Scali Ltd  NCK.AX  fall
as much as 5.6% to A$10.85, their lowest since Dec. 21
    ** Co reports 12% fall in January orders 
    ** Citi forecast a drop in sales for co's brands Nick Scali
and Plush LFL by 18% and 13%, respectively, in second half of
2023
    ** Brokerage cuts FY23-FY25 core NPAT by 5% to 15%,
respectively   
    ** Citi says NPAT cut reflects "weaker sales due to
softening of housing cycle and weaker consumer demand"
    ** Five of seven analysts rate the stock "buy" or higher,
one "hold" and one "sell;" median PT is A$13.50 – Refinitiv data
    ** More than 1.3 mln shares change hands, almost 5 times the
30-day average volume 
    ** Stock up 1.5% this year, as of last close
 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))