Australia's Nick Scali set for best day in nine months on robust FY results

Nick Scali

11/08/2023 02:08

** Shares of Nick Scali Ltd  NCK.AX  rise as much as 11.5%
to A$11.72, on track for their best day since Nov 24, 2022, if
gains hold 
    ** The furniture retailer posts a 26.1% rise in full-year
net profit after tax to A$101.1 mln ($65.87 mln), way above
Citi's estimate of A$95 mln and 4% more than Visible Alpha
Consensus
    ** Also reports a 15.1% jump in FY23 revenue to A$507.7
million due to increased deliveries and the reduction in the
aging of the order bank
    ** "While it is tough times in the furniture sector right
now, this is not a surprise with VA Consensus already factoring
in a 37% FY24 NPAT decline," analysts from Citi say
    ** Shares hit highest since early Feb and up for a third
straight day  

    ($1 = 1.5349 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))