Christmas rang in quieter for The Warehouse Group as sales for the period were flatter than expected.
Total sales and same store sales for the nine weeks ended January 3, 2010 were both flat on the same period last year, which was also then describ
Christmas rang in quieter for The Warehouse Group as sales for the period were flatter than expected.
Total sales and same store sales for the nine weeks ended January 3, 2010 were both flat on the same period last year, which was also then described as "relatively flat".
Group chief executive Ian Morrice said anticipated sales growth over Christmas did not eventuate and the company believed it was indicative of the overall non-food retail market.
However, Warehouse Stationery sales were up 3.5% and same store sales up 4.7%.
“Warehouse Stationery continued its performance recovery and is well prepared for the critical back to school period over January and February.”
Mr Morrice said it expected other specialist retail formats would also report increased sales compared to “extraordinarily challenging market conditions” in the same period in 2008.
The company expects adjusted net profit after tax for the first half (ending January 31 2010) to be similar to the $56.8 million net profit last year.
Shares (NZX: WHS) were down slightly from $4.21 to $4.20.
