The Warehouse Group Results Beat Consensus; We Increase Our Fair Value Estimate
No-moat The Warehouse Group reported adjusted net profit after tax, or NPAT, of NZD 64.1 million for fiscal 2016. The result was at the top end of company guidance and beat consensus and our forecast by 6% and 5%, respectively. Including one-off gains from the sale of properties and business disposals, reported NPAT was NZD 78.3 million. Sales were broadly in line with our estimates, but operating margins for the group were higher than expected, at 3.7% versus our forecast of 3.5%.The Warehous...
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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