Australia's Nick Scali set for best day in two years after results beat forecast

Nick Scali

05/02/2024 23:36

** Shares of Nick Scali  NCK.AX  advance as much as 14.1% to
A$13.70, set for their best day since Feb 16, 2022, if gains
hold 
    ** The furniture retailer reports half-year net profit after
tax of A$43 mln ($27.86 mln), 4% higher than Visible Alpha
consensus, but lower than A$60.6 mln reported last year 
    ** Co's H1 profit slightly higher than the A$40 mln-A$42 mln
range given during AGM in October 
    ** Co reports HY revenue of A$226.6 mln and declares an
interim dividend of 35 AU cents 
    ** "We think at least mid-single-digit FY24 NPAT upgrades to
consensus are likely from higher sales and gross margins,"
analysts from Citi say 
    ** Shares hit their highest since Aug 11 
    ** Stock has fallen ~2.5% this year, as of last close

   ($1 = 1.5432 Australian dollars)

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