Warehouse opens the chequebook in Australia

The group has launched an $A75 million spending campaign to upgrade its "yellow shed" outlets over the next three years and to fight off tough competition.

The Warehouse operates 118 stores in Australia. Chief executive Greg Muir said the company would spend $A20 million this year and $A55 million between 2003 and 2005 to upgrade and reposition its store network.

While the foray into Australia last year initially dented the group's overall profit, sales growth has since lifted, and the discount retailer posted a $NZ59.11 million profit for the six months to January 31, up nearly 14% from the previous corresponding period.

Excluding one-off gains and losses, the profit result was $NZ7 million (13.5%) above last year.

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