The Warehouse NZ same store sales rise 7.6 pc in Oct quarter

By NZPA

Thursday 7th November 2002

The Warehouse said its Warehouse New Zealand stores posted a 7.6 percent increase in sales in the October quarter on a same stores basis.

Overall sales were up 11.8 percent to $285 million.

Group sales totalled $436.0 million, up 13.2 percent, or $50.9 million, above that for the same quarter last year.

In the last quarter the Warehouse New Zealand opened a replacement store in Alexandra and extended the Oamaru store. A small store in Mt Albert, Auckland was also closed during the period.

The retail chain consisted of 77 stores representing 331,505 sq m of retail space, an increase of 7.0 percent over October 2001.

The Warehouse New Zealand said it planned to open two new stores in new locations this month in Fraser Cove, Tauranga, and Bell Block, New Plymouth.

Four stores (Kaikohe, Cambridge, Papamoa and Taupo) are due to be extended by the end of the year.

In September, the Whangaparaoa store was sold for $6.0 million resulting in a small book profit.

Weighted average sales per sq m for the twelve months ended 31 October 2002 were $3965 compared with $3912 last year.

Warehouse Stationery achieved unaudited sales for the three months ended 31 October 2002 of $35.0 million, up 29.2 percent -- 16.5 percent on a same store basis.

In the last quarter Warehouse Stationery opened two new stores, one in a new location at Invercargill and a replacement store in Napier. The Papanui, Christchurch store was closed during the period.

The Warehouse Stationery retail chain consists of 36 stores representing 41,413 sq m of retail space, an increase of 12.6 percent over October 2001.

The stationery division plans to open three new stores before the end of the year. Weighted average sales per sq m for the twelve months ended 31 October 2002 were $3150.

The Warehouse Australia achieved unaudited sales for the three months ended 31 October 2002 of $A100.3 million ($NZ115 million), up 18.7 percent in raw terms and 4.3 percent on a same stores basis.

During the quarter, three new format stores were opened in new locations, two in Queensland (Cannon Hill and Townsville) and one store in Victoria (Mildura).

Two of the new store openings occurred in the last two weeks of October and so had a little impact on overall sales for the quarter. One old format store was closed during the period.

At the end of October, The Warehouse Australia consisted of 122 stores representing 199,624 sq m of retail space, an increase of 29.4 percent over October 2001.

Weighted average sales per sq m for the twelve months ended 31 October 2002 were $A2235, down from $A2261 a year earlier.

The Warehouse Australia plans to open up to six new format stores before the end of this year.

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