Nick Scali boss says sofa buyers aren’t lounging around

The chief executive of sofa and furniture group Nick Scali Furniture said January trading was stronger than the company expected, despite investors being worried that a downturn in consumer spending was just around the corner.

Nick Scali shares closed 13 per cent lower on Monday at $10.80, amid concerns from analysts that spending on big-ticket items would be curtailed. The stock was trading at $7.10 in mid-June but had recovered to $12.42 by February 3.