ASX 200 (XJO) rises again, Nick Scali (NCK) share price rockets

The ASX 200 (ASX: XJO) is up around 0.7% as the market continues to grind higher.

Nick Scali (ASX: NCK) shoots higher

The furniture retailer released an impressive update today. The Nick Scali share price is up 22% in response.

Nick Scali said that its written order sales had grown by 20.4% in the fourth quarter to 14 June 2020. In the FY20 half-year to date written order sales had risen by 7%.

The second half of FY20 is expected to show net profit growth of between 15% to 20% compared to the second half of FY19.

FY20 revenue is expected to be in the range of $260 million to $263 million whilst underlying profit is expected to be in the range of $39 million to $40 million.

Adairs (ASX: ADH) also impresses

The Adairs share price is up 12.9% after delivering its own update. The furniture retailer said in the FY20 second half to 14 June 2020, stores have seen a 5.3% increase in like for like sales, online sales have grown 92.6% and total like for like sales were up 27.4%. The store sales are provided on a store by store, daily basis, only open stores have been included. Mocka sales, which is 100% online, were up 52.1%.

In terms of total FY20 year to date sales, like for like (open) store sales were up 3.5%, online sales were up 64% and total like for like sales were up 15.7%.

Adairs is now expecting FY20 total sales to be between $385 million to $390 million. However, the company said that there is elevated uncertainty for the medium term.

Evolution Mining (ASX: EVN) downgrades guidance

In today’s update the gold miner said extensive grade control infill program of 204 holes has recently been completed by Evolution Mining. The improved understanding of the geological controls on grade distribution has ended up reducing the life of mine plan by approximately 75,000 ounces. This reduction represents around 1% of Evolution’s ore reserves. However, it is a material change to Mt Carlton, so an impairment of between $75 million to $100 million will be recognised in FY20.

FY20 gold production at Mt Carlton is now estimated to be around 60,000 ounces, which is a reduction from previous guidance of 70,000 ounces to 75,000 ounces. For FY21, Mt Carlton is now expected to produce around 50,000 ounces.

Total FY20 gold production, excluding Red Lake, is now expected to be around 715,000 ounces, 1.4% below previous guidance. The all-in sustaining cost is expected to be $990 per ounce.

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