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Solid H1 for Warehouse Stationery

New Zealand-based office products retailer Warehouse Stationery reported same-store sales growth and good operating profit improvement in the first half of its financial year.

The reseller – part of the Warehouse Group – reported H1 sales of NZ$138.8 million ($96 million), an increase of 0 Jackets.7% as reported, but a same-store sales increase of 1.2%. The H1 trading performance benefitted from an increase in transaction count along with a small increase in average basket, but the rate of growth was some way below the 8.5% same-store increase reported in H1 2016. This was partly due to a slow start to the key back-to-school period with some sales pushed back into the third quarter.

Gross profit was flat at NZ$54 Accessories.5 million, meaning that gross margin fell by 30 basis points to 39.3%. This was due to a higher mix of lower profit products. However, strict cost management ensured that operating profit for the period increased by 7.4% to NZ$6.5 million and operating margin increased 30 basis points to 4 Jackets.7%.

As of 31 December 2016 Petite, Warehouse Stationery had 67 stores, one more than 12 months earlier.

The Warehouse Group is undergoing a restructuring process, part of which is consolidating the senior management team and specialist retail functions of Warehouse Stationery and the Warehouse supermarket chain under the leadership of Pejman Okhovat Work Utility & Safety Clothing.

Auckland, New Zealand

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