WHS
10/05/2013 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, 10 May 2013 - The Directors of The Warehouse Group Limited reported
sales from continuing operations for the third quarter ended 28 April 2013 of
$557.1 million, and $1,650.8 million for the year to date. Sales for the
quarter excluding Noel Leeming Group and Torpedo7 Group were $418.7 million,
up 6.2% on the prior comparable period. Year to date sales excluding Noel
Leeming Group and Torpedo7 Group were $1,397.2 million, up 5.1% on the prior
comparable period.
The Warehouse (Red Sheds) third quarter sales were $355.6 million, up 5.1%
compared to the third quarter last year. Same store sales for the third
quarter were up 2.0%. Year to date sales were $1,222.2 million, up 4.1%.
In relation to The Warehouse (Red Sheds), Group Chief Executive Mark Powell
noted that the apparel business had performed well during the summer season
with less clearance activity required and as a result better margins than
last year, consistent with our H1 FY13 results update. The Home category had
also performed well and Technology sales were strong, in part due to the
digital TV switchover in the South Island. Our apparel winter sell through is
on track however with the continuing mild weather in the North Island this is
being monitored closely.
Seven more stores were refitted and relaunched late in the quarter as part of
our strategic store rejuvenation program.
Warehouse Stationery (Blue Sheds) third quarter sales were $63.1 million, up
13.1% compared to the third quarter last year. Same store sales for the
third quarter were up 1.9%. Year to date sales were $175.0 million, up
12.3%.
The strong Warehouse Stationery sales performance resulted from a successful
Back-to-School campaign and solid Technology sales. Two stores were
relocated during the quarter (Albany and Whangarei) and a new store opened in
Matamata bringing the total number of Warehouse Stationery stores to 60.
Noel Leeming Group continued its good start under Warehouse Group ownership,
with sales for continuing stores for the quarter of $133.1 million, and same
store sales up 5.8% on the previous corresponding period. The Bond + Bond
retail brand merger into Noel Leeming was completed successfully, with both
sales and margin meeting expectations during the promotional activity
associated with the brand merger.
During its first month as part of the Group, Torpedo7 Group had sales of $5.3
million, in line with expectations.
As previously announced, the Group sold the Silverdale Centre during the
quarter for gross proceeds of $78 million, with completion due to occur on 1
July 2013.
Chairman Graham Evans said that the long term strategy outlined eighteen
months ago is starting to deliver improved results for shareholders. It is
pleasing to see that our product brand optimisation strategy has already
resulted in the ranging of major brands such as Sony, Acer, Hoover and
Kambrook in The Warehouse stores, with further brands to be introduced during
the year.
Guidance is unchanged and, subject to any material change in anticipated
trading conditions, the Directors continue to expect Warehouse Group adjusted
net profit after tax for the full year to be between $73.0 million and $76.0
million.
ENDS
Background: The Warehouse Group Limited
The Warehouse Group Limited comprises 92 Warehouse stores, 75 Noel Leeming
stores and 60 Warehouse Stationery stores in New Zealand. The company had a
turnover of $1.7 billion in F12 and employs over 10,000 people.
Investors and Analysts Media
Stephen Small
Chief Financial Officer
Cellphone: +64 21 714 159
Mark Powell, Group CEO
to be contacted via Gayle Theunissen on
Phone: +649489 8900 extension 96333
Cellphone: +6421742784
End CA:00236052 For:WHS Type:QUARTER Time:2013-05-10 08:30:12
