Godfreys non-executive director resigns

Former CEO Thomas Krulis resigns as non-executive director from Godfreys board.

Thomas Krulis has resigned as non-executive director of vacuum retailer Godfreys.

The Godfreys board has expressed its appreciation to Krulis, who also previously served as CEO,  for his commitment and contribution to the company since his appointment in November 2014.

In February Godfreys Group Limited reported an underlying net profit after tax of $2.3 million for the half-year ended December 30, compared to $4.5 million for the previous corresponding period.

Sales for the period were $92.4 million, an increase of 2.8 per cent on the prior year, which included the contribution from The Service Company.

Comparable store sales for the half were down by 7 per cent, while operating gross margins were down by 3.5 percentage points.

Godfreys opened four stores and closed three during the period, taking its total network across Australia and New Zealand to 223 stores.

The vacuum retailer said its strategy to move to a majority franchised model is “on track to deliver 18 store conversions to franchise stores for the 2017 financial year”.



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