Latest news with #NZEconomy
RNZ News
30-06-2025
- Business
- 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.
Wall Street Journal
19-06-2025
- Business
- Wall Street Journal
New Zealand's Economy Grows by More Than Expected
SYDNEY—New Zealand's economy grew more than expected in the first quarter as falling interest rates helped lift the country out of an extended downturn, but fresh headwinds are gathering. The economy grew by 0.8% in the quarter, a pace that was well above the 0.4% expansion forecast by the Reserve Bank of New Zealand, curbing expectations that the central bank will lower interest rates further at its next policy meeting in July.
