Sales figures confirm Warehouse Aussie woes

By Phil Boeyen, ShareChat Business News Editor

Friday 4th May 2001

The New Zealand arm of The Warehouse is continuing to show positive sales growth but as indicated recently the situation is less rosy across the Tasman.

Sales for the group for the three months ended April, including Australian acquisitions Clint's and Solly's, rose $42 million in the quarter to $354 million.

The result is 13.6% above the same quarter last year.

Group same-store sales, excluding Clint's and Solly's, were 6.9% ahead of the same quarter last year.

Taken separately, sales at the company's New Zealand red sheds rose 15.3% in the quarter to $248 million with same store sales up 5.1%.

The overall sales growth includes considerable expansion of the company's retail space, which at just under 300,000 square metres has increased around 20% since April last year.

Weighted average sales per square metre for the twelve months ended April were $3,930 compared with $4,030 per square metre for the year ended April 2000.

Warehouse Stationery stores continue to record impressive growth, with sales up 48.6% to $25.7 million.

Same store sales were 27.9% ahead of the quarter last year, although it's not known how much of the extra sales came from bigger ticket items such as computers which the chain was not in the comparative period.
selling last year.

The jump in sales is also on the back of a considerable increase in retail selling space which is up 34% on a year ago. The number of stores remains unchanged at 32.

In Australian Clint's and Solly's sales for the three month period rose just 1.3% to $81 million. Same store figures are not available.

The Warehouse last week warned that market estimates for the company's full-year result were around 15% too high after taking into account lower expected Australian sales.

The retailer said both sales and gross margins are below plan, and blamed unsatisfactory inventory control, a tough retail environment and other integration issues.

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