Warehouse approves of analysts' forecasts

By Phil Boeyen, ShareChat Business News Editor

Thursday 28th June 2001

Retail group The Warehouse (NZSE: WHS) says it's comfortable with current profit projections from analysts following its April profit warning.

In April the company announced that lower than expected sales at its newly acquired Australian stores would dent its full-year result.

At the time the company said that analysts need to drop their net profit forecasts by around 15% because of the Australian setback.

Chairman Keith Smith told a meeting of shareholders Thursday that the new projections are acceptable.

"Analysts have subsequently lowered earnings forecasts and while there is still another month of trading until the end of our financial year, at this stage we remain comfortable with the range of the analysts forecasts."

Fourth quarter sales for The Warehouse Group are expected to be announced on the in the first week in August while results for the year ended July will be released in the middle of September.

Thursday's shareholder meeting was to held to approve the issue of up to 7.5 million options per year for four years to selected employees and some directors under a company option plan.

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