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

Wed, 05 Mar 2014

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 mature ‘red shed’ discount stores where growth is limited. 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. Warehouse said...

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