A warmer start to winter causing strong discounting for The
Warehouse was masking positive structural changes taking
place within the group, Craigs Investment Partners broker
Chris Timms said yesterday.
The Warehouse Group, which reports its first-half profit this
week, will spend up to $33 million buying online retailer
Torpedo7, but brokers say the physical presence of the large
retailer will not diminish.
Retailer The Warehouse has tentatively said it expects to
beat last year's adjusted after-tax profit of $65.2 million,
but remains highly cautionary over crucial January sales and
overall economic conditions.
The Warehouse Group, the country's largest listed retailer,
provided some "reasonable numbers" for the three months ended
October 28 but very little detail, Craigs Investment Partners
broker Chris Timms said yesterday.
The Warehouse yesterday reported a 15% increase in annual
after-tax profit of $89.8 million, but that was underpinned
by a total $25.4 million in one-off gains from property sales
and the release of warrant provisions.