| Postie Plus Group Ltd 2012 First Half sales release: 1st August – 29th January 2012 |
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PPGL has posted sales of $53.924m compared with the same period last year of $56.536m showing a decrease of 4.6% in top line sales. However the overall Group gross margin % improved for the period, following a stronger performance by the Postie brand in spite of a sluggish apparel market. Further expenses continue to be managed well with overall expenses less than last year. The recent Back to school period saw a deferment of sales in the Schooltex brand, with some of this transferring into the second half. The Babycity result reflected the closure of four stores in this period; this is in line with PPGL’s move to close down poor performing stores as leases expire. The Group is showing positive sales figures for the new season’s product as it looks to the second half with stock levels below last year. The results for the Christchurch region continue to be strong. The first half result will be released on 26th March with the expectation of it being marginally below last year’s result. As highlighted at the AGM, PPGL are actively looking at acquisitions for the 2012 year. For Further Information Please Contact: Mr. Ron Boskell Mr. Warren Head |