12 Nov 2010

The Warehouse Group sales slip

2:03 pm on 12 November 2010

First quarter sales for The Warehouse Group have slipped, and the retailer says consumer spending is showing little sign of picking up.

The listed retailer says sales for the three months to the end of October fell 0.2% to just over $362 million.

The Warehouse managing director Ian Morrice says retail is still largely promotionally driven and the company is not seeing any signs of a sustainable recovery in consumer spending.

The retailer says it expects the economy will improve over the medium term, but that trading will continue be tough.

Sales at the main Red Shed stores were down 0.6%, and up 2.9% at the Warehouse Stationery.

So far this year, shares in the Warehouse have fallen about 9%.