Postie Plus faces NZX suspension if it misses earnings deadline

Postie Plus rose after avoiding a breach of its banking covenants. Photo / NZPA

Postie Plus Group, the clothing retailer whose stock has slumped following distribution problems after moving to Auckland in 2012, risks having its shares suspended on the New Zealand stock exchange if it doesn't report its first half earnings in the next week.

The company should have issued its results by the end of trading yesterday under stock exchange rules and now has until the market close on April 8 to publish the earnings or its securities will be suspended, NZX Regulation said in a statement. Postie Plus said yesterday it would publish the earnings by April 8.

Last month, Postie Plus said it expects to post a significant annual pre-tax loss, though it should be smaller than last year's loss of $10.6 million. Sales in the first half fell 9.9 percent to $39 million although gross margins improved, it said.

Shares in Postie Plus advanced 4.6 percent to 11.5 cents and have dropped 26 percent the past 12 months.