NCK -0.08%: The furniture retailer reported a strong FY21 result today with sales of $373m producing a net profit after tax of $84.2m, above the $79.2m expected and ahead of company issued guidance of between $78-80m. The FY21 profit compares well to FY20 of $40.08m with the beat being very customary for NCK (i.e. they always under promise and over deliver so the market now expects it). All key metrics were strong, Gross Margins of 63.5% were very solid and it’s hard to fault the result. No guidance issued given uncertainty which again, has become typical of NCK.
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Performance update for March, stocks that drove returns & our current positioning
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Friday 26th April – ASX200 -101pts, Newmont (NEM), Resmed (RMD) & Super Retail (SUL)
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Market Matters Research Lead Shawn Hickman with David Koch
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MM are neutral NCK around $12
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