WHS
09/03/2012 08:30
HALFYR
REL: 0830 HRS The Warehouse Group Limited
HALFYR: WHS: The Warehouse Group 2012 Interim Results Announcement
THE WAREHOUSE GROUP LIMITED
Reporting Period: 1 August 2011 to 29 January 2012
Previous Reporting Period: 2 August 2010 to 30 January 2011
CONSOLIDATED OPERATING STATEMENT
2012 Half Year Performance
REVENUE
$937.941 million versus $907.950 million in 2011, an increase of 3.3 %
OPERATING PROFIT
$67.941 million versus $78.921 million in 2011, a decrease of 13.9 %
EARNINGS BEFORE INTEREST AND TAX
$76.725 million versus $80.900 million in 2011, a decrease of 5.2 %
PROFIT BEFORE TAX
$71.301 million versus $75.747 million in 2011, a decrease of 5.9 %
PROFIT ATTRIBUTABLE TO PARENT SHAREHOLDERS
$54.040 million versus $52.292 million in 2011, an increase of 3.3 %
EARNINGS PER SHARE
17.5 cents per share versus 16.9 cents per share in 2011, an increase of 3.6
%
Interim Dividend: 13.5 cps
Record Date: 05 April 2012
Date Payable: 19 April 2012
Tax credits on interim dividend: Fully imputed for New Zealand residents;
Supplementary dividend payable to non-residents.
THE WAREHOUSE GROUP ANNOUNCES INTERIM RESULTS
Net Profit After Tax up 3.3% to $54.0 million
Interim Dividend of 13.5 cents per share declared
Auckland, 9 March 2012 - The board of The Warehouse Group today announced a
net profit after tax of $54.0 million, up 3.3% compared to $52.3 million last
year. Adjusted net profit after tax for the period was $46.7 million
compared to $53.0 million last year, down 11.9%.
Group sales for the half year were $937.9 million, up 3.3% compared to the
first half last year.
The Directors have declared an interim dividend of 13.5 cents per share,
representing 90% of adjusted earnings, which is 2 cents less than last year's
interim dividend.
In announcing the result, Chairman Graham Evans says "the strategic direction
set out last September has already started to have a positive impact. The
Board understand that the scale of change required to reverse long term
trends is significant and building long term sustainable growth in profits
will take time. This result needs to be considered in that context."
The Warehouse reported sales of $835.7 million up 3.4% compared to the first
half last year. Same store sales were up 2.7% for the half and up 3.1% for
the second quarter, with an improving trend each month which continued in
February. Operating profit for the half year was down 16.1% to $62.1
million.
Commenting on The Warehouse result Group Chief Executive Officer, Mark Powell
says "the positive same store sales trend continuing into February has been
encouraging. Margins have held in all major categories other than Apparel.
However, the resultant growth in gross profit dollars has not been sufficient
to combat inflationary and strategic investment cost increases, causing the
decline in adjusted earnings."
"Technology was especially strong, CD and DVD's have stabilised and recorded
increased gross profit this year, reversing the declining trend. Health and
beauty and fragrances were also strong performers. Christmas confectionary
and decorations had outstanding results. This reflects that customers are
seeing a difference and indicates the early traction our strategy is
achieving. The aim of the Warehouse is to be the "House of Bargains" and
"Home of Essentials" for all New Zealander's" Mr Powell says.
Warehouse Stationery sales were $100.1 million up 2.1% compared to last year.
Same store sales were up 2.2% for the half and up 3.9% for the second
quarter. Operating profit for the half year was down 15.5% to $3.1 million.
Mr Powell says "the first quarter was challenging for Warehouse Stationery
however the second quarter was strong and this trend continued through the
remainder of the Back to School period."
Subject to any material change in anticipated trading conditions, the
Directors expect adjusted net profit after tax for the full year to be
between $62.0 million and $66.0 million.
Dividends will be paid on 19 April 2012 with the record date being 5 April
2012.
ENDS
Background: The Warehouse Group Limited
The Warehouse Group Limited comprises 89 Warehouse stores and 52 Warehouse
Stationery stores in New Zealand. The company has a turnover of $1.7 billion
and employs over 9,000 people.
Contact details regarding this announcement:
Mark Powell, Group CEO
to be contacted via Wendy Irving on
+64 9 488 3231
End CA:00220514 For:WHS Type:HALFYR Time:2012-03-09 08:30:10
