Sales at The Warehouse slipped 0.2 percent from a year earlier to $362.3 million in the latest quarter, with the retailer not yet seeing signs of any real or sustainable recovery in consumer spending.Managing director Ian Morrice said that from a group pe
Sales at The Warehouse slipped 0.2 percent from a year earlier to $362.3 million in the latest quarter, with the retailer not yet seeing signs of any real or sustainable recovery in consumer spending.
Managing director Ian Morrice said that from a group perspective, maintaining sales broadly in line with last year was a satisfactory result in the present environment.
"The retail market continues to be highly promotionally driven and we are not yet seeing signs of any real or sustainable recovery in consumer spending."
Sales at The Warehouse red sheds division for the first quarter to the end of October were down 0.6 percent to $315.8m, with same store sales down 1.5 percent.
An ongoing market decline in CDs and DVDs remained a key factor affecting same store sales, falling 9 percent compared to the first quarter last year, Mr Morrice said.
Sales in some other categories such as sporting, jewellery, small appliances and health and beauty continued to grow well.
Total sales for the quarter included sales from new stores in St Lukes and Rolleston, which opened in April and September, respectively.
Warehouse Stationery's first quarter sales were up 2.9 percent to $46.5m, with same store sales up 5.3 percent on the corresponding period last year. Total sales included those from a new Kerikeri store, which opened at the end of October.
