Challenging Trading Conditions Trigger a Trim in Warehouse Group's FVE to NZD 2.60
Fierce competition in the retail sector has taken its toll on The Warehouse Group and is a setback to the performance stabilisation achieved in recent years. We have lowered our fair value estimate by 4% to NZD 2.60 per share from NZD 2.70 per share. We maintain our no-moat rating on The Warehouse Group, which operates in a tough competitive environment, experiencing an influx of international players establishing physical stores in New Zealand, as well as an increase in online competition.The ...
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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