Fantastic FY profit tumbles

Group in strategic review after higher costs, declining profitability hurt bottom line.

Fantastic Holdings (FAN) is pushing on with a strategic review as it forecasts tough retail competition and subdued consumer confidence amid a weak economic environment in Australia.

Net profit fell 35.6% to $13.5 million, from $21 million posted last year, on a drop off in second half sales at Fantastic Furniture, a decline in profitability of the group's Plush stores and higher rent and staffing costs. 


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