Nick Scali Limited · ASX:NCK
Nick Scali — Investor Presentation (February 2024)
13 slides from Nick Scali's investor presentation, Feb 6, 2024
Slide 1: FY24 Half Year Results
FY24 Half Year Results 6 February 2024
Slide 2: FY24 half year summary
FY24 half year summary Written sales orders Revenue • Written sales orders of $212.7m, up 1.1% on H1 FY23 • Revenue of $226.6m, compared to $283.9m in H1 FY23 • LFL1 written sales orders flat (-0.4%) on H1 FY23 • H1 FY23 benefited from increased deliveries due to the elevated order bank at June 2022
Slide 3: Revenue & written sales orders
Revenue & written sales orders Revenue 1H FY24 $226.6m Written sales orders 1H FY24 $212.7m Change versus 1H FY23 -20.2% Change versus 1H FY23 +1.1% Commentary Commentary • 1H FY24 revenue is consistent with written sales order levels • Q2 written sales orders 8.2% higher than Q2 FY23 with both and
Slide 4: Financial performance
Financial performance 1H FY23 1H FY24 Gross profit margin Sales revenue 283.9 226.6 • Group gross profit margin for 1H FY24 was 65.6% compared to 62.0% for 1H FY23 and 65.4% for 2H FY23 Cost of sales (107.8) (78.0) Gross profit 176.1 148.6 Cost of doing business1 Other income 2.0 2.8 • Operating cos
Slide 5: Cashflow
Cashflow Operating cashflows • Cash of $43.6m generated from operating activities (including operating lease payments and interest payments) compared to $35.1m 1H FY23 Property & other capital investments • Construction in progress for build of new Queensland Opening cash & deposits 89.3 distributio
Slide 6: Balance sheet
Balance sheet June 2023 December 2023 Inventory — on hand Cash & deposits 89.3 68.3 DCs Nick Scali showrooms Plush showrooms Inventory – in transit 12.9 16.0 June 2023 18.8 18.6 4.3 Inventory – on hand 41.7 37.2 December 2023 13.8 18.9 4.5 Property – at net book value 104.5 113.6 Plant & equipment 1
Slide 7: Nick Scali brand online
Nick Scali brand online Written sales order growth Nick Scali brand online • 1H FY24 online written sales orders were $14.7m, up 22.5% with enhancements in the eCommerce user experience driving growth Written sales orders ($m) 12.0 14.7 1H FY23 1H FY24 Nick Scali FY24 Half Year Results 06 February 2
Slide 8: Store network
Store network Queensland Nick Scali 15 Plush 11 June 2023 Net change December 2023 Long Term Target1 Nick Scali NSW/ACT Australia 59 — 59 73 Nick Scali 19 New Zealand 5 — 5 13 Plush 13 64 64 86 Plush Australia 43 1 44 85-90 New Zealand — — — 5-10 43 — 44 90-100 Total2 107 1 108 176-186 1H FY24 New Z
Slide 9: Recent trading
Recent trading • January 2024 written sales orders of $58.9m were up 3.6% over January 2023, with LFL up 2.6%, continuing the positive momentum of Q2 FY24. Nick Scali FY24 Half Year Results 06 February 2024 9
Slide 10: Q&A
Q&A Nick Scali FY24 Half Year Results 06 February 2024 10
Slide 11: Disclaimer & important information
Disclaimer & important information Nick Scali Limited (the “Company”) advises The Company disclaims any obligation that the information in this presentation or undertaking to disseminate updates or contains general background information revisions to any forward looking statements about the Company’
Slide 12: Appendix 1 – EBIT reconciliation
Appendix 1 –EBIT reconciliation 1H FY23 1H FY24 Gross margin 176.1 148.6 Other income not interest 0.9 1.1 Operating expenses (64.8) (60.0) EBITDA 1 112.2 89.7 Depreciation & amortisation (21.0) (22.1) EBIT1 91.2 67.6 1. EBITDA and EBIT are based on finance costs net of $1.7m (1H FY23 $1.1m) interes
Slide 13: Thankyou
Thankyou