The Warehouse Group Grows Sales in Key Retail Brands and Its Online Channel
No-moat-rated The Warehouse Group’s two key businesses reported positive like-for-like sales growth. Importantly, online sales continue to increase strongly. The company reaffirmed its profit guidance of underlying net profit after tax, or NPAT, of between NZD 54.0 million and NZD 58.0 million in fiscal 2017, representing a 10%-15% decline year on year. Our underlying NPAT estimate of NZD 56 million and a fair value estimate of NZD 2.60 per share are unchanged. Shares are undervalued at current ...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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