UPDATED Warehouse says FY earnings to fall as it seeks $115M to expand financial services

Thu, 06 Mar 2014

(Adds CEO comment, updates throughout) By Tina Morrison March 6 (BusinessDesk) – Warehouse Group expects full-year earnings to fall as it invests in financial services and buys rival retailers to diversify away from its core ‘red shed’ discount stores. Warehouse expects adjusted full-year profit of $67 million to $71 million, down from $73.7 million last year, the Auckland-based company said today. It posted a 13 percent drop in adjusted first half profit of $46.2 million today, at the bottom end of its $46 million to $48 million forecast....

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