Warehouse 1Q sales bolstered by new acquisitions, Red Sheds margins squeezed

Thu, 07 Nov 2013

By Paul McBeth Nov. 8 (BusinessDesk) - Warehouse Group, the country’s biggest listed retailer, boosted first-quarter sales 51 percent as its Noel Leeming and Torpedo7 acquisitions added to revenue, though margins at its flagship Red Sheds brand came under pressure. Group sales rose to $569.8 million in the three months ended Oct. 27, from $377.3 million a year earlier, before it bought Noel Leeming and Torpoedo7, the company said in a statement. Sales growth in the Red Sheds unit, Warehouse’s biggest, didn’t translate into gross profit gain...

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