Warehouse first-half profit drops 76% on financial services impairment, weaker Red Shed earnings

Wed, 08 Mar 2017

By Jonathan Underhill March 9 (BusinessDesk) - Warehouse Group reported a 76 percent drop in first-half profit after the retailer took an impairment charge against its financial services unit, recognised restructuring costs and earned less from its Red Shed department stores. Profit fell to $13.6 million in the 26 weeks ended Jan. 29, from $57.2 million a year earlier, the Auckland-based company said in a statement. The result included a $22.7 million impairment against the Financial Service Group and restructuring costs of about $4 milli...

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