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Thursday, March 11, 2010

Warehouse: Recovery In Retail Spending Remains Patchy

By Rebecca Howard

Dow Jones Newswires

WELLINGTON -(Dow Jones)- New Zealand's The Warehouse Group Ltd. (WHS.NZ) Friday reported a higher first half net profit and said it expects its full year net profit to be similar to the previous year.

The discount store retailer said its net profit for the six months ended Jan. 31 was NZ$57.4 million, up from NZ$49 million in the year-ago period. It noted, however, last year's first half profit included a $7.4 million post tax charge relating to the exit from fresh food and liquor.

The result was in line with guidance the company gave in January and was slightly better than what some analysts had been expecting.

Group sales were NZ$918.9 million, down 0.5% on the prior comparable period.

Looking ahead, The Warehouse said "Subject to any material change in expected trading conditions, the Directors expect adjusted net profit after tax for the full year to be similar to adjusted NPAT for FY09."

The company said it will pay an interim dividend of 17 cents a share.

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