dare one say u are bearish??, page-11

WHS is first large retailer to release sales figures for 1H10. WHS is not WES but is largest discount retailer in NZ and should not be ignored IMO. below is extract from analyst with a 'hold' recomendation on WHS.

WHS is NZ's leading discount retail chain with 129 general merchandise and stationery stores spread across New Zealand. Management has executed well on its cost cutting and working capital reduction strategy. This has allowed the firm to successfully navigate the economic downturn. Longer term growth prospects are uncertain as it has no game plan to expand beyond NZ, having burnt its fingers in Australia. A high dividend payout makes the stock suitable for income oriented investors with a modest appetitive for risk.
WHS provided a trading update for the last 9 weeks ended 3 January 2010. Anecdotal evidence leading up to the Christmas period indicated a strong year-on-year performance. WHS instead reported flat same-store-sales results. CEO Ian Morris said that the broader non food retail market did not grow. This suggests the Red Sheds probably kept its market share intact. He however said some retailers might have managed to post decent y-o-y gains because of highly depressed sales last year. The stationery business on the other hand achieved 4.7% SSS growth driven mainly by easier base period comps.
The disappointing performance during the Christmas period highlights the fact that retail conditions continue to remain challenging and uncertain.