Warehouse lifts annual earnings 12%, pipping guidance, as cost cutting improves margins

Thu, 22 Sep 2016

By Paul McBeth Sept. 23 (BusinessDesk) - Warehouse Group lifted annual earnings 12 percent, just beating the top end of its guidance, as the country's largest listed retailer eked out bigger reductions in its cost base to widen operating margins. Adjusted profit rose to $64.1 million in the 52 weeks ended July 31 from $57.1 million a year earlier, the Auckland-based company said in a statement. Revenue increased 5.6 percent to $2.92 billion with sales growth across all of the retailer's brands. Gross margins shrank due to its Noel Leeming...

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