Warehouse Group, which this week bought a majority stake in online retailer Torpedo7, almost doubled net profit after selling properties as part of leaseback arrangements, and will pay a bigger interim dividend than analysts were expecting.
Net profit climbed to $106.5 million, or 34.2 cents per share, in the six months ended Jan. 27 from $54.2 million, or 17.4 cents, a year earlier, the Auckland-based retailer said in a statement. That included a $62.4 million gain from the sale and leaseback of its Wiri distribution centre and three stores.
Stripping out that one-time gain, adjusted profit rose 13 per cent to $52.9 million, in line with Forsyth Barr analyst Andy Bowley's forecast. Sales rose 18 per cent to $1.11 billion.
The country's biggest listed retailer will pay a first-half dividend of 15.5 cents per share, up 2 cents from a year earlier, and ahead of Bowley's expectation of 14 cents. The dividend is payable on March 28 with a record date on March 22.
Warehouse has been reorganising its business after failed ventures in grocery and across the Tasman, this week buying a majority stake in online retailer Torpedo7 for $20 million with a further $13 million in potential earn-outs.