KEY POINTS:
In-play stock The Warehouse today confirmed it does not expect its 2008 annual profit to be as strong as the $115.5 million it posted in 2007.
"With the key Christmas and back to school periods still to come, it is too early to provide specific earnings guidance," chairman Keith Smith told shareholders at the annual meeting today.
"However, at this point we reaffirm the comments made at the time of the annual result announcement that we would not expect F08 (fiscal 2008) net profit after tax to be higher than adjusted net profit after tax achieved in F07," he said.
Mr Smith would not comment on yesterday's High Court decision which overturned a Commerce Commission ruling blocking rival supermarket chains Foodstuffs and Woolworths from making takeover bids.
The decision sent Warehouse shares up more than 20 per cent and they rose another 5c to 620 today.
Earlier this month, Warehouse reported first quarter sales of $374.5 million, down 1.7 per cent on the corresponding period last year.
Mr Smith said that the company, in its 25th year, had strong cashflow and he hinted at a capital return to shareholders.
"In the absence of any major acquisition opportunity, the company will consider undertaking further capital management initiatives in the 2008 calendar year," he said.
Analysts said the company is undoubtedly back in play following yesterday's court decision.
- NZPA
