Monday 21st December 2020
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The Warehouse Group today reported that trading performance to date in the lead up to Christmas has continued beyond the momentum shown in the first quarter, and the Group is now confident in its financial position to repay in full the Government Wage Subsidy it received as part of the Government NZ Covid-19 response.
First quarter sales for the group increased by 6.3% and now stand up 6.6% year to date compared to the same period last year.
Due to this sustained sales momentum, Adjusted Net Profit After Tax (NPAT) for the half year is expected to exceed $70m, which is pre impact of repayment of wage subsidy, compared to $46.2m in FY20. Gross margin was up circa 170 basis points in our first quarter, and this expectation remains for overall H1 trading performance.
The Group’s financial position has continued to improve from year-end and we expect the half-year’s net cash balance to be better than the FY20 year-end position of $168m.
Full Year guidance will be issued when the H1 financial results are released in March.
See the link below for more details:
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