NOEL LEEMING STAYS STRONG IN TWG FIRST HALF

By Wares March 19, 2019 Retailing

Despite general flat Christmas trading, Noel Leeming's first half top line growth is strong.

Noel Leeming starred again in The Warehouse Group's just-released interim results for the first six months of the 2019 financial year (to 27 January 2019).

Whereas TWG overall group sales were OK at +2.7%, Noel Leeming boasted better growth (+7.4% to $487m) and "remains a consistent high performer of the Group," says TWG.

Noel Leeming's Operating Profit for the half at $52.5m was however slightly down (-0.4%) on H1 in the previous year.

Online sales were another major first half gain for Noel Leeming (+47% compared to group online sales at +24%).

And this despite Chief Executive, Nick Grayston, noting the "flat Christmas trading period experienced across the retail sector".

He also notes the shift in spending that has been the talk of the retail channel: “While Christmas remains one of New Zealand’s most important family celebration and shopping occasions, we noticed a change in customer shopping trends, particularly around Black Friday sales."

Is it significant that the TWG CEO adds: "We are closely monitoring how these trends affect Christmas trading going forward”?

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