Sharechat Logo

Warehouse buys Insight Traders

Monday 17th September 2012

Text too small?

Warehouse Group, the biggest retailer on the NZX 50 Index, has purchased import specialist, Insight Traders for an undisclosed sum in a bid to better its bargain sourcing capabilities.

"The purchase of this business is a good fit with our existing initiatives and will improve our ability to be the 'House of Bargains' and 'Home of Essentials' for New Zealanders," chief executive Mark Powell said in a statement.

The purchase will enable the Auckland-based company to provide a "more extensive range of products" and an alternative source of bargaining products for the group's recently launched one day deal website, Red Alert. The deal is expected to be completed by the end of September 2012.

Earlier this month the Warehouse reported a 14 percent drop in full-year earnings to $65.2 million, meeting its own guidance, and said it expects retailing to face "mixed" trading conditions in 2013. Sales rose 3.9 percent to $1.7 billion.

Warehouse shares last traded at $2.90 and have shed about 3 percent this year.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

The Warehouse Group
Warehouse FY profit jumps 61 percent on property sales, acquisitions
Warehouse firms up plans to pay more for staff with training, long service
Warehouse Red Sheds, stationery boost 3Q sales, FY guidance unchanged
Warehouse seeks better workforce with higher pay, more training
Warehouse almost doubles 1H profit on property sales, dividend beats expectations
Warehouse buys majority stake in online retailer Torpedo7 for up to $33M
Warehouse buys unprofitable Noel Leeming chain for $65M
Warehouse 1Q sales rise 1.9% as stationery leads growth
Investors await Christmas trading for Warehouse turnaround strategy