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Warehouse Group raises half-year profit forecast by $20m

The Warehouse Group has lifted its half-year profit guidance for the second time in as many months.

Photo: RNZ / Nate McKinnon

It now expects its net profit for the six months to January to exceed $110m, up $20m on the previous guidance it issued in January and more than double last year’s profit for the same period.
“Strong trading over the January period, combined with excellent operational performance and cost management, has delivered an improved result,” said Warehouse Group chief executive Nick Grayston.
The guidance did not take into account the $68m in wage subsidies the company would pay back.
Earlier this month, the company announced its shareholders would receive a belated Christmas present in the form of a special dividend.
The group came under fire from unions, commentators and some politicians including the Prime Minister last year for taking the subsidy, proceeding to lay off staff, then reporting a full year profit of $44.5m.