15 May 2011

Sales rise at the Warehouse

7:45 am on 15 May 2011

Sales rose at the Warehouse over the past three months, bolstered by Easter trading and increased demand in Christchurch.

Revenue rose to $381.5 million in the three months to May, up 1.4% on the same period the previous year.

Sales at stores open at least a year were up 2.2%.

Two Red Shed stores remain closed in Christchurch since the earthquake there in February.

But the Warehouse says there has been an increased demand in the region for household consumables, appliances, bedding and other essentials.

Forsyth Barr Retail analyst Guy Hallwright says sales were stronger than expected.

The company still expects its full-year profit to be between $76 - $80 million.

Its shares rose by 2 cents to $3.71 on Friday morning.