1 Includes $21.7m or revenue for Plush for the two months post-acquisition
2 Underlying net profit after tax excludes the impact of one-off items. See Appendix 1
3 Payout ratio calculated on a statutory net profit after tax basis, without adjusting for the impact of one-off items
Outstanding Order
Bank
$174.7m
(H1 FY21: $103.1m)
Store Network
108 Showrooms
Nick Scali Furniture: 62
Plush: 46
2
Revenue
only
Sales revenue ($'m)
use
21.7
41.3
28.8
ersonal
180.3
171.1
H1 FY21 Opening Plush
Covid H1 FY22
Order
Disruption
Bank
Revenue growth (%)
vs H1 FY21
Total
+5.4%
Nick Scali
- 7.5%
Despite elevated opening order bank at 1 July 2021, Nick Scali revenue down due to Covid disruption to three areas:
o Temporary store closures between July and November;
o Lockdowns in sourcing locations; and o Shipping container availability
Revenue of $21.7m delivered for Plush from order bank acquired on 1 November 2021
3
Plush
Sales Orders & Trading
Group Sales Orders Total
•
Total written sales orders of $203.4m,
only
representing growth of 6.4% on H1 FY21
Nick Scali
•
Q1 trading capacity reduced by 55% vs FY21 due
use
to temporary store closures in NSW, Victoria and
New Zealand
•
Total Nick Scali written sales orders of $171.8m,
down 10.1% vs H1 FY21, due to temporary store
closures
•
1Underlying like-for-like written sales order
growth of 4.9% vs H1 FY21
•
Total written sales orders for Nick Scali Online
totalled $16.6m, up 88.6% vs H1 FY21
Written sales orders for Plush totalled $31.5m for the two months post-acquisition, up approximately 15% vs H1 FY21
ersonal1 Underlying like-for like written sales order growth is calculated on a monthly store-by-store basis, and excludes the results of comparative reporting period
Group Outstanding Order Bank
Total order bank at 31 December 2021 of $174.7m, up 69.4% on December 2020
Nick Scali Outstanding Order Bank
Nick Scali order bank closed at $123.7m, compared to $103.1m at December 2020. It has increased further during January
Plush Outstanding Order Bank
Order bank at 31 December was $51.0m, with similar ageing profile and days outstanding to Nick Scali
stores for complete months that included periods of temporary closure in either the current or
4
Financial Performance
only
H1 FY21
H1 FY22
Sales revenue
171.1
180.3
Cost of sales
(61.6)
(66.4)
Gross profit
109.5
113.9
use
Other income
0.8
0.7
1Operating expenses
(37.4)
(41.6)
Depreciation
(15.5)
(17.9)
Finance costs
(3.3)
(3.9)
1Underlying profit before tax
54.2
51.2
ersonal
Income tax
(16.1)
(15.7)
1Underlying profit after tax
38.1
35.6
1Underlying EBITDA
72.7
73.0
1Underlying EBIT
57.2
55.1
1 Operating expenses and underlying EBIT, EBITDA and net profit after tax exclude the impact of one-off items. See Appendices 1 & 2
5
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Nick Scali Limited published this content on 02 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 February 2022 22:07:04 UTC.
Nick Scali Limited is a furniture retailer operating in Australia and New Zealand. The Company is engaged in the sourcing and retailing of household furniture and related accessories. Its sofas and armchairs collection include recliner sofa collections, leather sofa collections, fabric sofa collections, occasional armchairs, and others. Its living room collections include TV and entertainment units, coffee tables, side tables, console and hallway tables, and others. Its dining room collections include dining tables, dining chairs, and buffet tables and sideboards. Its bedroom collections include mattresses, bedframes, bedside tables, and dressers, among others. Its rugs and accessories collections include rugs and mirrors. It imports more than 5,000 containers of leather and fabric lounges as well as dining room and occasional furniture. The Company has stores located in New South Wales, Queensland, Victoria, Tasmania, South Australia, Western Australia, and others.