Nick Scali’s chief executive, Anthony Scali, says Labor’s tax cuts last month have done little to spur spending. The retailer has recorded a slide in sales as shoppers stay away from big-ticket purchases.

The company also cut its dividend in line with an 18.8 per cent fall in profit for the 12 months to June 30, to $82.1 million. It will pay a fully franked 33¢ per share in October, taking the full-year payment to investors to 68¢.