Ann: Full Year Results Announcement NCK, page-2

These results look ok to me.
The company had a decrease of its NPAT during H2 23 : - 9 % yoy, after + 70 % yoy for H1 23.
This was fully expected, given the decrease of the furniture sector and the pressure on their margins, like for all retailers.
These results were also in line with consensus expectation : NPAT 23 of $101 m vs around $100 m, according to consensus expectation.

Their performance for H2 23 was quite surprising.
Despite a sales decrease of 14 % yoy, their NPAT decreased by only 9 % yoy, showing that their margin improved, apparently driven by gross margin (large improvement for Plush).

Really interesting to look at the free cash flow which was $75.4 m vs $61m.
This looks very decent compared to a free cash flow of $53 m in FY 20.
FY 23 free cash flow shows a decent free cash flow yield of 8.5 %.
P/B is also quite low at 4.8 x vs between 6.7 x before covid.