Fantastic expects strong HY profit boost

Furniture retailer Fantastic Holdings expects to report a sharp jump in half year profit on the back of strong sales growth.

The company said on Monday its like-for-like sales rose 15.7 per cent in the half year to December 27, likely boosting sales revenue to $270 million.

Net profit for the six month period is expected to be between $10 million to $12 million, compared to $7 million in the same period last year.

Fantastic operates 134 stores across four furniture retail chains, including Fantastic Furniture, Plush, Le Cornu and the Original Mattress Factory.

At 1535 AEDT, shares in the company were up 1.1 per cent at $1.87.

The stock tumbled nearly 12 per cent last week after chief executive Stephen Heath and chief financial officer George Saoud quit the company in the space of a few days.