Australia's Nick Scali profit view a "material" beat on robust sales - Citi

Nick Scali

24/11/2022 02:52

** Shares of Nick Scali Ltd  NCK.AX  jump as much as 12.9%
to A$10.54, set for their best day since Oct 4, 2021 if gains
hold
    ** The furniture retailer expects net profit after tax for
H1 of fiscal 2023 in the A$56 mln ($37.81 mln)-A$59 mln range,
57%-66% above previous year's A$35.6 mln
    ** NCK says trading YTD has been robust, though uncertainty
on near-term levels of demand remains
    ** Co unable to provide additional guidance for fiscal 2023
    ** Citi says NCK performing "materially better than
expected" with NPAT forecast driven by both sales and margin
    ** Stock notches its highest since Sept. 21, 2022
    ** About 363,000 shares change hands, compared with the
30-day average volume of 146,000
    ** Stock down nearly 40% this year, as of last close
($1 = 1.4810 Australian dollars)
 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))