UPDATE: Warehouse says 1H profit will fall as sales miss targets; shares drop

Wed, 07 Jan 2015

(Adds investor comment starting in fourth paragraph, updates shares) By Tina Morrison Jan. 7 (BusinessDesk) - Warehouse Group, New Zealand's largest listed retailer, expects first-half earnings to fall about 20 percent as cold, wet spring and summer weather forced it to discount clothing and other seasonal merchandise at its 'red sheds' general merchandise stores and sales declined at its Noel Leeming consumer electronics chain. The shares fell 7.7 percent. The Auckland-based company said adjusted profit will probably drop to $37 milli...

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