Same store sales were +11.4% in the half or +11.1% on a like-for-like basis. This is an improvement - same store sales were negative 1.4% for the same period last year.
Noel Leeming's Operating Profit at $6.39m has also "significantly improved" (+173% in fact) over the same period last year ($2.34m).
This is thanks to an improved trading climate, not having to bear one-off rebranding costs, and a "stronger overall business performance across sales, margin and cost of doing business".
The half year's Operating Profit is a decent gain and in fact isn't much less than what the Noel Leeming stores made for the whole of the previous financial year ($6.42m).
Slim pickings from smartphones
Having said all this, there's still little fat in Noel Leeming's H1 Operating Margin (1.7% for the period), even if it's up from 0.7% last year.
Its Operating Margin was impacted by "a change in mix, notably a standout sales performance around cellular which has a comparatively lower margin than other products".
Indeed, Noel Leeming's 1.7% Operating Margin looks thin compared to equivalent figures at The Warehouse (6.7%) and Warehouse Stationery (4.4%), even Torpedo 7 (2.2%).
It looks even thinner compared to Briscoe Group's latest full year Operating Margin at around 8.5%
Find all of the official documents posted on the NZX here. and look for more in the April issue of Wares magazine.