WHS
11/05/2012 08:30
QUARTER
REL: 0830 HRS The Warehouse Group Limited
QUARTER: WHS: WHS - Third Quarter Sales Update
THE WAREHOUSE GROUP LIMITED
Third Quarter Sales Update
Auckland, 11 May 2012 - The Directors of The Warehouse Group Limited reported
sales for the third quarter ended 29 April 2012 of $394.2 million, up 3.3% on
the corresponding year period last year.
Group sales for the financial year to date were $1,330.0 million, up 3.3% on
the same period last year.
Commenting on overall sales performance for the quarter, Group Chief
Executive Officer, Mark Powell said that the performance in both The
Warehouse and Warehouse Stationery is encouraging.
The Warehouse third quarter sales were $338.4 million up 3.5% compared to the
third quarter last year. Year to date sales are $1,174.1 million, up 3.4%.
Same store sales for the third quarter were up 1.2%, however if Christchurch
stores were excluded to take into account the sales impact of the
Christchurch earthquake, same store sales were up 3.2%.
In relation to The Warehouse, Mr Powell said that all major merchandise
departments other than apparel performed ahead of last year at both a sales
and gross profit level, with Technology, Indoor Furniture and Everyday Family
Needs areas performing particularly well. Apparel continued to be impacted
in February and March by the challenges of exiting a mild summer.
During the quarter the first five stores of the major store rejuvenation
program were refitted and relaunched (Riccarton, Te Rapa, Albany, Te Awamutu
and Taupo) on time and on budget. These successful store relaunches and five
consecutive quarters of same store sales growth provide further signs that
the strategic initiatives underway are gaining traction.
Warehouse Stationery third quarter sales were $55.8 million, up 2.4% compared
to the third quarter last year. Year to date sales are $155.9 million, up
2.2%. Same store sales for the third quarter were up 4.1%. This continues a
trend in quarterly same store sales growth and market share gain for
Warehouse Stationery since the first quarter of F10.
Chairman Graham Evans said that the long term strategy outlined last year is
in its early stages, but is showing encouraging progress. However, as
previously indicated, due to cost pressures and the ongoing need to
compensate for previous underinvestment, this will take time to translate
into profit growth. Consequently guidance is unchanged and, 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.
ENDS
Background: The Warehouse Group Limited
The Warehouse Group Limited comprises 89 Warehouse stores and 53 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:00222736 For:WHS Type:QUARTER Time:2012-05-11 08:30:05
