Warehouse shares slump after cut to annual earnings forecast

Fri, 20 Jun 2014

By Tina Morrison June 20 (BusinessDesk) - Warehouse Group shares fell to their lowest in 17 months after New Zealand's largest listed retailer cut its forecast for annual earnings because warmer autumn and winter weather crimped sales and margins of seasonal clothing and home products. Warehouse expects adjusted full-year profit of $59 million to $62 million, down from its March forecast for $67 million to $71 million, and down from $73.7 million last year, the Auckland-based company said in a statement. Warehouse, which makes about 70...

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