NZ's Warehouse H1 net profit up 7 percent
WELLINGTON, March 14 (Reuters) - New Zealand's largest listed retailer and takeover target, The Warehouse Group Ltd (WHS.NZ), on Friday reported a 7 percent rise in first half net profit.
The Warehouse made a net profit after tax of NZ$64.3 million (NZ$52.7 million) in the six months to Jan. 28, compared with NZ$60.1 million in the same period last year.
The company said it expected a full year net profit between NZ$94 million and NZ$98 million.
It declared an interim dividend of 15.5 cents, compared with 12 cents a share last year.
Shares in the Warehouse, closed on Thursday at NZ$6.00, having traded between NZ$4.94 and NZ$7.32 over the past year.
The Warehouse is the subject of takeover interest from New Zealand's two main grocery chains, Australian-owned Woolworths (WOW.AX) and local co-operative Foodstuffs Ltd. Both are fighting through the courts for clearance to acquire The Warehouse, although neither has launched a formal takeover bid.
The Warehouse competes against Briscoes Group Ltd (BGR.NZ), KMart (WES.AX), the privately-owned Farmers department stores, and a host of smaller specialist retailers, such as clothing firm Hallenstein Glasson Ltd. (HLG.NZ). ($1=NZ$1.22)
