18 May 2010

Warm weather hurts Warehouse sales

5:44 pm on 18 May 2010

Sales at The Warehouse are down slightly as the music and DVD market continues to shrink and warm weather keeps shoppers away from winter stocks.

New Zealand's largest listed retailer made sales of $376 million in the three months to May - down almost 1% on the same quarter last year.

Chief executive Ian Morrice says Easter sales were solid, but trading remains difficult and unpredictable for most retailers.

He says full-year profit is likely to be similar to last year's adjusted profit of $85.2 million.

Shares in The Warehouse remain unchanged at $3.57 on Tuesday.