POSITIVES AND NEGATIVES IN TWG'S Q3 UPDATE

By Wares May 11, 2018 Retailing

Noel Leeming and Torpedo 7 are TWG's positives for Q3 with the Red and Blue Sheds still works in progress.

The Warehouse Group (TWG) has just reported improved Group retail sales for the third quarter ending 29 April (Q3) of $701.2 million (+2.6% on the same quarter last year).

TWG says this is "a very encouraging result" compared to the 0.9% fall in sales in H1.

TWG CEO Nick Grayston again singled out Noel Leeming for comment, the retail banner having once again "delivered a strong quarter of sales growth".

However elsewhere, despite an increase in transactions, the Red Sheds' and Blue Sheds' Q3 top lines fell slightly.

Torpedo 7 meanwhile was positive both at the top line and in terms of same store sales.

But it was Noel Leeming that once again stood out with Q3 sales of $212.2 million, +11.2% on the same quarter last year.

Same store sales for Q3 were also handily up at +6.8%, thanks to growth in particular from Communications, TV and audio.

Overall online sales, now 6.9% of total sales (but just 0.3% up on last year), were +6.6% for Q3, with Noel Leeming again leading growth with +15.6%.

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