Furniture retailer Fantastic Holdings is preparing for a positive outlook after posting a strong increase in second half and fourth quarter sales, as well as matching previous year's earnings for the full fiscal year.

The Fantastic Group's sales were $402 million for the year to June 30 2009, representing a solid increase of 32 per cent over the previous comparative period. Like for like sales increased 5 per cent on the previous year and 10 per cent on the previous corresponding six months.

While full year profit after tax from continuing operations was maintained at $18.6 million, second half profit after tax saw significant growth of 66 per cent compared to the previous corresponding 6 month period.

Fantastic managing director Julian Tertini said the group's recent expansion had contributed to the results.

"Following considerable development work related to our acquisitions of Le Cornu and Dare Gallery, combined with Fantastic Furniture's entry into Western Australia, we are now seeing some contribution to Group results from these stores as well as other store openings. However, the biggest contributor to our strong final quarter results came from improved sales growth as a result of more positive consumer sentiment, which in turn was driven by low interest rates and the flow-on from the Government's stimulus packages to families."

Have your say

Name:

Comment:

Australian International Furniture Fair Decoration + Design

Sydney Web Design - CDW