The Warehouse Group’s EBIT Margins Flat as Intense Competition Bites
The Warehouse Group posted 5.2% growth in adjusted net profit after tax, or NPAT, to NZD 39.6 million for the first half of fiscal 2019, tracking slightly ahead of our prior full fiscal year 2019 estimate of 3.9% NPAT growth. Group sales were up 2.7% in the half, slowing significantly in the second quarter as intensified competition and slow Christmas sales took their toll, as we had anticipated. Nevertheless, group sales were better than expected and we increase our full-year sales growth estim...The Warehouse Group is an office retailing group based in New Zealand. Co. is engaged in general retail in both the domestic small-office/home-office and small-to-medium size enterprise markets. Co. has two primary operating segments operating in the New Zealand retail sector. The operating segments are managed separately with their own management, stores and infrastructure. The Warehouse is predominantly a general merchandise and apparel retailer, with 87 stores located throughout New Zealand. The Warehouse Stationery is a stationery retailer, with 47 stores located throughout New Zealand.
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