WHS
07/09/2012 08:16
FLLYR
REL: 0816 HRS The Warehouse Group Limited
FLLYR: WHS: 2012 Full Year Results Announcement & Presentation
THE WAREHOUSE GROUP LIMITED
Results for announcement to the market
Reporting Period: 1 August 2011 to 29 July 2012
Previous Reporting Period: 2 August 2010 to 31 July 2011
CONSOLIDATED OPERATING STATEMENT
2011 Full Year Performance
REVENUE
$1,732.168 million versus $1,667.777 million in 2011, an increase of 3.9 %
OPERATING PROFIT
$96.462 million versus $114.136 million in 2011, a decrease of 15.5 %
EARNINGS BEFORE INTEREST AND TAX
$125.244 million versus $119.375 million in 2011, an increase of 4.9 %
PROFIT BEFORE TAX
$114.936 million versus $109.530 million in 2011, an increase of 4.9 %
PROFIT ATTRIBUTABLE TO PARENT SHAREHOLDERS
$89.848 million versus $77.829 million in 2011, an increase of 15.4 %
EARNINGS PER SHARE
29.0 cents per share versus 25.1 cents per share in 2011, an increase of 15.4
%
Final Dividend: 6.5 cps
Record Date: 02 November 2012
Date Payable: 14 November 2012
Tax credits on final and special dividend: Fully imputed for New Zealand
residents; Supplementary dividend payable to non-residents.
MEDIA RELEASE
THE WAREHOUSE GROUP ANNOUNCES ANNUAL RESULT
o Same store sales up 3.8% in Q4 for The Warehouse's 6th consecutive quarter
of growth and same store sales up 2.6% for the year
o Total Group sales for the year up $64.4m, representing 3.9% growth
o Reported NPAT of $89.8m and adjusted NPAT of $65.2m
o Positive momentum in second half sales and gross profit
o Final dividend held at 6.5 cents per share, unchanged from last year
Auckland, 7 September 2012 - The Board of The Warehouse Group today announced
a reported net profit after tax for the year of $89.8 million, up 15.4%
compared to $77.8 million last year. Adjusted net profit after tax for the
year was $65.2 million, which is at the upper end of guidance, down 14.3%
compared to $76.0 million last year.
Group sales for the year were $1.732 billion, up 3.9% on last year with sales
in the year increasing $64.4m, our highest level of annual growth since 2004.
Of particular note was the Group's improved performance in the second half of
the year with sales up 4.5% to $794.2m and gross profit up 5.5% on the
previous year.
The Directors have expressed confidence in the momentum demonstrated by the
second half performance by holding the final dividend unchanged at 6.5 cents
per share the same as the prior year. This brings the total ordinary
dividends for the year to 20.0 cents per share, and increases the dividend
payout ratio based on adjusted net profit to 95.5%, exceeding the Group's
policy of 90%. Dividends will be fully imputed at 30.0 per cent.
The Warehouse Limited (Red Sheds) reported total sales for the year of $1.524
billion, an increase of 4.2% compared to $1.463 billion in F11. Total sales
for the second half were $688.4 million, an increase of 5.1% compared to
$654.9 million last year. Same store sales in Q4 were up 3.8% for the sixth
consecutive quarter of same store sales growth, resulting in a same store
sales increase in the second half of 2.5% and a same store sales increase for
the full year of 2.6%.
The Warehouse Limited (Red Sheds) delivered an operating profit of $80.9
million for the year compared to $98.8 million last year, down 18.1% which
was consistent with our strategic plan.
In commenting on the 2012 results Chief Executive Officer Mark Powell said
"inline with our strategy our results for the year saw sales and profit
growth driven by key categories such as Technology, Jewellery, Health &
Beauty, Baby Care and Men's & Woman's Apparel. I am especially pleased by
the momentum we have seen in the second half of the year and the positive
reaction from our customers to our refitted stores.
Our online business grew 63% in F12. We have taken important steps forward in
our strategy to be the House of Bargains and Home of Essentials, wherever our
customers want to shop. Launching Red Alert, our one day deal site, and
getting our full range online allows us to follow our customers and position
us well for strong growth online in 2013."
Warehouse Stationery Limited (Blue Sheds) reported sales for the year of
$206.6 million, an increase of 2.6% compared to $201.5 million in F11. Sales
for the second half were $106.5 million, up 3.0% compared to last year. Same
store sales were up 3.0% for the year and up 3.7% for the second half.
Warehouse Stationery Limited (Blue Sheds) achieved an operating profit of
$9.8 million for the year. This compares to operating profit for F11 of
$10.1 million.
Chairman, Graham Evans said "2012 was a critical transition year for the
company to show it could grow sales and gross profit after a number of years
of declining sales. While it is early days in our turnaround strategy Mark
and his team have shown that their new strategy can drive positive momentum
and we are looking forward to this continuing in 2013, resulting in an
increase in earnings."
We expect the retail sector to continue to experience mixed trading
conditions in F13. Our earnings are significantly influenced by the
Christmas trading performance over the critical January quarter, which means
it is too early to provide specific earnings guidance at this stage. However,
key elements of the Group's strategic plan including investments in store
experience and multichannel, together with category and margin dollar growth
strategies should ensure adjusted profit in F13 is above that recorded in
F12.
A sales update for the Q1 F13 period ending 28 October 2012, is due for
release on Friday, 9 November 2012.
Subject to any event or material change in trading conditions that may
trigger a continuous disclosure obligation, earnings guidance will be
provided at the time of the half year result announcement in March 2013.
The final dividend will be paid on 14 November 2012 with the entitlement date
being 2 November 2012.
ENDS
Background: The Warehouse Group Limited
The Warehouse Group Limited comprises 89 Warehouse stores and 56 Warehouse
Stationery stores in New Zealand. The company has a turnover of $1.7 billion
and employs over 9,000 people.
Historical Dividend Distributions (fully imputed)
Dividends (cents) 2012 2011 2010 2009 2008
Interim 13.5 15.5 15.5 15.5 15.5
Final 6.5 6.5 8.5 5.5 5.5
Sub Total 20.0 22.0 24.0 21.0 21.0
Special - - 6.5 10.0 -
Total 20.0 22.0 30.5 31.0 21.0
A post result briefing will commence at 9.15am NZT via webcast on
www.thewarehouse.co.nz
Contact details
Investors and Analysts Media
Stephen Small,
Chief Financial Officer
Telephone: +64 21 714 159
Mark Powell,
Group CEO to be contacted via Wendy Irving on +64 9 488 3231
End CA:00227007 For:WHS Type:FLLYR Time:2012-09-07 08:16:40
