Perth's declining housing market hurts The Reject Shop
Staff reporterFebruary 21, 2017
The Reject Shop's net profit slipped 4.4 percent to $17.5 million in the first half of 2017 as weak consumer sentiment reduced same-store sales.
Total sales rose 2 percent to $432.9 million but same-store sales fell 0.5 percent.
There had been a modest 0.3 percent gain in same-store sales in the September quarter, compared with 6.1 percent in the year ago period.
It was offset by a 1.2 percent fall in the December quarter against 3.2 percent a year earlier.
Chief executive Ross Sudano said the discount variety retailer was particularly challenged in Western Australia.
Sudano noted that continued underemployment and declining housing prices contributed to negative same-store sales.
Its sales on the Eastern Seaboard were flat.
