The Warehouse Group Lowers FY24 EBIT Guidance

The Warehouse Group (NZX: WHS) has adjusted its FY24 EBIT guidance due to challenging retail conditions and subdued consumer demand. The Group expects sales from continuing operations to be 6-7% lower than the previous year, with FY24 EBIT estimated between NZ$22 million and NZ$30 million, down from NZ$83.4 million last year.

Interim CEO John Journee noted that mild winter weather and cost-of-living pressures have impacted sales. The company is implementing tighter cost controls and focusing on its core brands: The Warehouse, Warehouse Stationery, and Noel Leeming. The Group will release its FY24 Annual Results on 26 September 2024.

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