13 May 2016

Warehouse Group sees sales growth

12:08 pm on 13 May 2016

The Warehouse Group's third quarter sales are up 5.5 percent over last year, despite the impact of a weaker currency on imports, says New Zealand's largest retailer.

The company's total revenue was $672.2 million, in the three months ended on 1 May, over the year earlier, with The Warehouse discount stores accounting for more than half of the sales, followed by Noel Leeming, Warehouse Stationery, and the Torpedo7 sporting goods group.

The group's chief executive Nick Grayston said it was a strong quarter and the company was on track to meet its full year profit guidance.

However, he said there was a risk that the continuing warm autumn weather could result in weak demand for winter products.

The Red Shed's sales rose 2.2 percent, driven by strong growth in leisure, seasonal sales, hardware and automotive products.

Noel Leeming outperformed the rest of the group with a near 17 percent increase in sales, followed by Torpedo7 at 14 percent, and Warehouse Stationery with just over 3 percent growth, over the year earlier.

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