Warehouse almost doubles 1H profit on property sales, dividend beats expectations

Thu, 07 Mar 2013

By Paul McBeth March 8 (BusinessDesk) - Warehouse Group, which this week bought a majority stake in online retailer Torpedo7, almost doubled net profit after selling properties as part of leaseback arrangements, and will pay a bigger interim dividend than analysts were expecting. Net profit climbed to $106.5 million, or 34.2 cents per share, in the six months ended Jan. 27 from $54.2 million, or 17.4 cents, a year earlier, the Auckland-based retailer said in a statement. That included a $62.4 million gain from the sale and leaseback of its...

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