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NZ's Warehouse year profit rises strongly
September 12, 2013 / 8:44 PM / in 4 years

NZ's Warehouse year profit rises strongly

WELLINGTON, Sept 13 (Reuters) - New Zealand’s biggest listed retailer, The Warehouse Group Ltd, reported a 61 percent rise in its annual profit on Friday on higher sales and margins from new acquisitions, and said it expected a higher year profit.

The Warehouse reported a net profit after tax of NZ$144.7 million ($117.6 million) in the 12 months to July 28, compared with NZ$89.8 million the year before.

It said its adjusted net profit, taking account of acquisitions and one-off items, was NZ$73.1 million, against guidance of NZ$73 million to NZ$76 million, and last year’s NZ$65.2 million.

The company declared a dividend of 5.5 cents against last year’s 6.5 cents a share.

The Warehouse has more than 220 stores, under three different brands, selling everything from grocery, clothing, and garden items through to office supplies, appliances, and computers.

$1=NZ$1.23

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