28 Nov 2008

More stores planned by The Warehouse

4:51 pm on 28 November 2008

The Warehouse plans to open new stores.

At the company's annual meeting on Friday, the retailer told shareholders that trading conditions are tough and it does not expect an increase in earnings in the new trading year.

However, it is well positioned to continue expanding and will open 30 new stores next year.

They include three new Warehouse Stationary stores, a business that sells big-ticket items and has been hard hit by the economic downturn.

Chief executive Ian Morrice says The Warehouse is confident the expansion is well timed.

The company has not issued any profit forecast for the year. Mr Morrice says the Christmas trading period will be crucial to its result.