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Take a front-row seat to hear the stories behind some of Australia’s most successful and iconic sports people and business leaders. The show is hosted by Matthew Kidman, former business editor of the Sydney Morning Herald and author of three books. Kidman takes the time to uncover the rarely heard stories behind these successful individuals to give listeners a unique perspective of what makes them tick.
Episodes
Tuesday Oct 10, 2023
Tuesday Oct 10, 2023
Nick Scali is a furniture powerhouse. Since listing in May 2004, the store count has grown from 10 to 107 without having to tap shareholders for additional capital. Who knew Australians had such an insatiable appetite for leather lounges?
Equally as impressive as store growth are the financial returns investors have enjoyed. Since listing, sales have increased by 1,068%, net profit has increased by 1,407%, and the dividend has increased by 1,263%. From a listing price of $1 to the current share price of $10.79, Nick Scali (ASX:NCK) has been a 10-bagger for shareholders who have stayed the course.
The driving force behind this impressive story is Anthony Scali, son of founder Nick, an ambitious Italian immigrant who came to Australia in 1955 at just 18. After a brief stint selling televisions in Melbourne, Nick moved to Sydney and opened his first store in 1962 on the Hume Highway in Ashfield.
Anthony Scali worked in the family business from a young age and progressively played a more significant role in the running of the growing retailer. He officially took over the CEO role when the company was listed on the ASX and says he has no plans on stepping aside and has eyes for further expansion into the UK.
In this episode of Success and More Interesting Stuff, Anthony talks about the mindset and approach that has created one of Australia’s most iconic retailers.
Time codes:
00:00 - Introduction
01:56 - The Nick Scali advertisements
02:47 - Slow and steady growth
04:15 - Why investors are cautious on retailers
05:25 - The start of Nick Scali
08:43 - Nick Scali’s business philosophies
12:16 - How Anthony got started in the furniture business
14:01 - Moving from niche to mainstream offerings
15:31 - Lessons in debt and property
18:32 - Nick Scali (ASX:NCK) lists on the ASX
20:41 - Passing the CEO baton from Nick to Anthony
24:07 - Growing the family business
26:21 - The initial plan for store growth
27:50 - The ingredients for success in retail
35:25 - The Nick Scali niche - quality and value
37:55 - Anthony Scali’s approach to management
40:45 - Anthony Scali sells down some of his shareholding
43:54 - The vision for Nick Scali in Australia and New Zealand
45:49 - Taking the Nick Scali concept to the UK
49:32 - The outlook for the Australian market
50:57 - Antony Scali on succession planning but no plans to retire
53:45 - Property investments still intriguing, even after the 1990s experience
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