WELLINGTON Jan 23 Warehouse Group, New
Zealand's biggest listed retailer, on Thursday said it expected
profit to fall in the first half due to weak retail margins
despite better sales.
The company said it expected adjusted net profit after tax
to come in at NZ$46 million-NZ$48 million ($38.24 million-$39.90
million), compared with NZ$52.9 million a year ago.
Funding costs following the acquisition of retailer Noel
Leeming and other businesses, and reduced rental income were
factors in the lower profit forecast, the company said.
Warehouse has more than 220 stores, under three different
brands, selling everything from groceries, clothing and garden
items to office supplies, appliances, and computers.
($1 = 1.2030 New Zealand dollars)
(Reporting by Naomi Tajitsu, editing by David Evans)