WELLINGTON, March 8 New Zealand's biggest listed
retailer, The Warehouse Group Ltd, posted a 97 percent
rise in first-half profit on Friday boosted by one-off gains,
but said trading conditions had improved and it expected a
higher year profit.
The Warehouse reported a net profit after tax of NZ$106.3
million ($87.8 million) in the six months to Jan. 29, compared
with NZ$54 million in the same period last year.
The result included a one-off gain from the sale of property
of NZ$62 million, with the adjusted net profit reported at
Group revenue rose 18 percent to NZ$1.1 billion, including
around NZ$129 million from the Noel Leeming electronics and
appliances retail chain, which was bought in December.
It said it expected adjusted net profit after tax for the
full year of between NZ$73.0 million and NZ$76.0 million,
compared with last year's NZ$65.2 million.
The company declared a dividend of 15.5 cents against last
year's 13.5 cents a share.
Its shares closed on Thursday at NZ$3.50, having gained
nearly 14 percent so far this year compared with a 4 percent
gain for the benchmark NZX-50 index.
The Warehouse has more than 90 discount stores, known as
"Red Sheds", which sell everything from consumer electronics,
appliances, clothing, garden supplies, and grocery items. It
also has 50 shops selling stationery and computers.
Earlier this week, the company said it had bought a majority
stake in online retailer Torpedo7 for a maximum NZ$33 million.
It competes against Briscoe Group Ltd, KMart
, the privately-owned Farmers department stores, and a
host of smaller specialist retailers, such as clothing firm
Hallenstein Glasson Ltd..