New-Zealand based discount clothing retailer The Warehouse Group has announced an overall sales increase of 1.4 per cent to $282.6 million for the third quarter.
The company is the largest department store retailer operating in New Zealand and refers to its retail outlets as “Red Sheds”, and today reported a 1.0 per cent rise in its “Red Sheds” sales to $242.2 million for the three months ending May 1, 2011. Same store sales up 2.2 per cent, but year-to-date sales were down 0.9 per cent to $837.1 million.
Overall, group sales for the financial year-to-date were also down, 0.5 per cent to $948.2 million on the same period last year.
Commenting ion the overall sales performance for the quarter, outgoing group chief executive officer Ian Morrice said the result was a positive outcome in a market that remains challenging in every aspect.
As reported on Ragtrader.com.au, The Warehouse Group recently welcomed Mark Powell as new chief executive, replacing Ian Morrice and also saw Graham Evans, a director at The Warehouse Group, move into the role of chairman on May 2, replacing Keith Smith.
Evans confirmed new chief executive Mark Powell has now assumed full operational responsibility for the group, however, Morrice remains connected to the business in a consulting and project capacity.
Earlier this month, the group also appointed Ted van Arkel as an independent director of the company, with effect from July 1, 2011. Van Arkel's appointment is the latest in a string of management shifts at the company and brings the number of independent, non-executive directors on the board to five of a total board of seven directors.
The directors said they expect adjusted net profit after tax for the full year to be between $76 million and $80 million, although this is subject to any material change in anticipated trading conditions.