The Warehouse Group Limited (NZX: WHS) First Quarter Sales Update

Friday 13th November 2020

The Warehouse Group (NZX: WHS ) today reported sales for the first quarter ending 1 November of $738.5 million, up 6.3% on the same quarter last year. Gross margin percentage has also been strong, up circa 170 basis points on Q1 last year.

Highlights

• Group sales of $738.5 million, up 6.3% on Q1 FY20

• Strong sales growth particularly for Noel Leeming, up 11.5%, and Torpedo7, up 41.8%

• Same store sales growth across all brands

• Online sales growth of 58%, representing 11.3% of Group sales for the quarter

Group CEO Nick Grayston said the result is a positive start to FY21 and continues the sales momentum of the final quarter of FY20. The business is trading well, particularly given the uncertain and unpredictable economic environment and we are now focused on continuing this momentum as we head into the second and largest summer trading quarter, said Mr Grayston. As we saw at the end of the FY20 year, Group online demand continued to grow in the first quarter of FY21 with sales of $83.7 million, up 58% compared to the same quarter last year. Online sales as a percentage of total Group sales increased from 7.6% to 11.3%, with all Group brands experiencing significant online growth.

As in previous years, the earnings outlook for FY21 will be dependent on the critical second quarter trading period and earning guidance will be considered on announcement of the Group’s interim results. The Annual Shareholder Meeting will take place on Friday 27 November 2020.

See the links below for more details

First Quarter Sales Update

Amended First Quarter Sales Form

Source: The Warehouse Group Limited

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