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Source: NZPA / Rob Tucker -
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The Warehouse says group sales for the first quarter ended November 1 were down 1% compared with the same time last year.
First quarter sales fell to $362.9 million, though the company says once discontinued fresh produce, frozen food and liquor operations were taken into account, sales were up by 1.2%.
Adjusted for discontinued activities, the group's sales rose 1.1% to $317.7 million, and same store sales increased 0.5%.
The Warehouse CEO Ian Morrice says September and October were below expectations.
However, he was encouraged by Warehouse Stationery's first quarter sales which were up 2.2% to $45.2 million, with some high ticket items, which were impacted most during the recession, showing positive sales growth.
The Warehouse says consumer spending was expected to improve but the strength of that improvement was not yet clear.
The company in July opened the first of its smaller format
stores in Mosgiel, near Dunedin, and plans to roll out about 15 in
coming years.
