Warehouse Group to close TheMarket as sales fall 9.2% for third quarter

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Fri, 10 May 2024

The Warehouse Group has reported a drop of more than 9% in its third-quarter sales and will shut down its e-commerce division, TheMarket.The New Zealand Exchange-listed (NZX) retailer's sales dropped 9.2% to $695.5 million in the 13 weeks to April 28, compared to the same period last year.Sales to date for the 2024 financial year are $2.3 billion, down 6.2% compared with the same time last year.Group gross profit fell 12.8% to $227.9m, with gross profit margin decreasing 130 basis points to 32.8%.DivisionsSales at the flagship business, the...

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