Warehouse guidance straddles profit and loss
Slower-than-expected fourth quarter sales have weighed on The Warehouse Group's expectations for annual earnings, with a warmer start to winter dampening consumer demand.
The NZX-listed retailer behind The Warehouse, Noel Leeming, and Warehouse Stationery issued guidance for the 53 weeks to August
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National Business Review
9 hours ago
- National Business Review
Warehouse guidance straddles profit and loss
Slower-than-expected fourth quarter sales have weighed on The Warehouse Group's expectations for annual earnings, with a warmer start to winter dampening consumer demand. The NZX-listed retailer behind The Warehouse, Noel Leeming, and Warehouse Stationery issued guidance for the 53 weeks to August
RNZ News
12 hours ago
- RNZ News
Warm weather cools Warehouse Group's profits
Photo: SUPPLIED Warm weather has melted The Warehouse Group's profit forecast. The company has revised its pre-tax profits lower to a range of a $5 million loss to a $5 million profit for the year ending 3 August. The company - known for its Red Sheds, Stationary and Noel Leeming brands - blamed low consumer confidence and a delayed winter for impacting winter sales, which had forced it into heavy discounting. Nonetheless, interim chief executive John Journee said sales strengthened as soon as colder weather arrived. "Now that the cold has set in, our sales momentum has returned with Q4 to date sales ahead of the same period last year," he said. Despite the "encouraging" news, Journee said "the current market conditions are impacting margins", leading to the earnings downgrade. The group said the timing of New Zealand's economic recovery remained uncertain , weighing on consumer discretionary spending. The company will release its full-year results on 2 October. Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
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