September 26, 2012 / 10:30 PM / 5 years ago

NZ's Postie Plus posts year loss, retailing flat

WELLINGTON, Sept 27 (Reuters) - New Zealand clothing and accessory retailer Postie Plus Group Ltd’s reported a small full-year loss on restructuring costs, and said on Thursday the retail climate remained flat.

Postie Plus reported a net loss of NZ$183,000 ($150,000) for the year to July 31, compared with a profit of NZ$656,000 a year earlier.

However, the result reflected one off costs associated with selling the Baby City business and restructuring its other operations. Excluding the one-offs the company made a profit of NZ$493,000.

Last month it reported sales steady at its main Postie Plus stores, but said there was a 23 percent fall in sales at the Baby City operation.

In April the company said it was selling the Baby City business because it was not core business, which was expected to net around NZ$4 million.

Chief executive Ron Boskell, who is stepping down in January 2013, said the overall retail environment was flat but it was looking to cut costs and improve sales in its key markets.

Shares in the company, which declared a dividend of one cent a share, last traded at NZ$0.24.

The stock has dropped around 11.5 percent this year, compared with a 16 percent rise for the benchmark NZX-50 index .

The Postie Plus Group operates 84 clothing stores in New Zealand.

$1=NZ$1.22 Hamish McNicol

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