Australia's Nick Scali hits near 4-week low on easing growth worries

Nick Scali

06/02/2023 24:36

** Shares of furniture retailer Nick Scali  NCK.AX  fall as
much as 9.8% to A$11.20, hits lowest level since Jan 10
    ** Stock to see worst day since November 2020, if losses
hold
    ** Declares a fully franked interim dividend of 40 Au cents
per share, lower than Citi estimates of 48.5 Au cents
    ** Brokerage says NCK doing better-than-expected on gross
margins and costs, but slowing topline and weak start to 2023
may weigh
    ** Nick Scali brand sales orders fell 12.1% in January from
a year earlier - company
    ** NCK posted a 70% increase in HY net profit after tax to
A$60.6 mln ($42 mln)
    ** More than 390,00 change hands, compared with the 30-day
average volume of about 188,000 shares
    ** Stock up 16.7% this year, as of last close
($1 = 1.4461 Australian dollars)
 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))