News: Reject Shop flags further expansion

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Reject Shop Limited (ASX:TRS) says first-half net profit is set to fall slightly, despite a boost in first-half sales.

 

The retailer says sales totalled $385.5 million in the first half, up 17.7 per cent on the same period a year ago.

 

But the group is anticipating first half net profit to come in between $16.6 million and $16.9 million, a decline the $20.1 million reported in the previous corresponding period.

 

Reject Shop continued its rapid store expansion in the first half, opening 33 new stores. A further 12 new stores are set to open in the second half.

 

For the full year, the company is forecasting net profit after tax to be between $17 million and $18 million.