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NZ's Warehouse Q1 sales down 2.1 percent

Thu Nov 6, 2008 3:27pm EST

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WELLINGTON, Nov 7 (Reuters) - New Zealand's largest listed retailer and a takeover target, The Warehouse (WHS.NZ), said on Friday first quarter sales fell 2.1 percent on tougher retail markets and lower consumer spending.

The Warehouse said sales for the three months to Oct 26 were NZ$366.6 million (NZ$216.9 million).

Shares in The Warehouse closed on Thursday at NZ$4.01. The stock has fallen 29.6 percent so far this year, matching the drop in the benchmark top 50 index .NZ50.

The Warehouse has been subject of takeover interest from Australian grocery chain Woolworths Ltd (WOW.AX) and New Zealand grocery co-operative Foodstuffs Ltd.

Both parties have previously been denied permission to bid by the competition regulator, although since the Warehouse abandoned a foray into groceries the regulator has suggested it would consider fresh applications. ($1=NZ$1.69)



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