Ann: Nick Scali Ltd H1-17 Results Announcement, page-11

Can't add much more to what the accomplished holders above have concluded. Except perhaps that it is worth noting that ordinary dividends (ie. real money that we have received from the company) have grown by about 18% compound since listing in 2004/2005. If we compare this to a quality benchmark - a couple of ASX shareholder-friendly powerhouses in ARB  and REH (both more than satisfactory at about 10% CAGR in ordinary dividends over 12 years) we realise how fortunate we have been to be along for the ride.

In terms of the store rollout and the company's statement that "There is a promising pipeline of new stores for Financial Year 2018", a couple of articles caught my attention where NCK is apparently part of a consortium converting Masters stores into retail malls. 2 stores in Western Sydney, 3 on the Gold Coast, and I believe one in Toowoomba. If true, this certainly gives the rollout a shot in the arm, and indicates that an increase in scale not only brings about lower marginal costs, you also get offers of favourable store locations!

http://www.dailytelegraph.com.au/ne...s/news-story/230b375036d69ff6ee79273caf73f829

http://www.themercury.com.au/news/n...m/news-story/f38a99f6f3bc6b32b5e0b1a0ca7c4a78