Compared with the amount of losses suffered by the cloth retailing giant Postie Plus in the previous year, the losses reported in the first half of this year, ending this January, have come out to be relatively lower.

Posties is a chain of 79 Postie and clothing stores, spread nationwide.

The net loss reported this time is of $1.1 million. The rise in the sales this year, has contributed to this reduction in losses. The company has shared that its sales have risen to $54.07 million.

"The turnaround for the summer season is really pleasing considering the retail climate and statistics", said group Chief Executive Ron Boskell. "The loss is 58% less than last year and that level of improvement confirms that the group is well on track to post an improved full year result", he added.

He also said that the results seen in the first half are promising enough to expect a remarkable overall growth for whole of the year.

With the rise in the sales the consumer confidence improved. The company is trading at 40c, at present.