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Warehouse Group Posts Lower Fiscal Q3 Group Sales; Shares Hit All-Time Low

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Warehouse Group (NZE:WHS) reported total group sales of NZ$700.8 million for the fiscal third quarter ended May 3, down from NZ$710.5 million in the year-earlier period, according to a Friday filing with the New Zealand bourse.

Sales at The Warehouse segment fell to NZ$405.3 million from NZ$415.9 million. Noel Leeming's sales grew to NZ$236.6 million from NZ$234.9 million, while Warehouse Stationery reported sales of NZ$57.1 million, down from NZ$58.8 million.

The company's online sales increased by 5.4% in the fiscal third quarter, rising to 6.8% of total sales from 6.4% in the year-earlier period, driven particularly by strong growth at Noel Leeming.

The company expects trading conditions to remain challenging amid inflation, global instability, and an uncertain domestic economy, with rising costs particularly in international and domestic freight continuing to pressure consumers and businesses.

The company's shares were down 2% in recent Friday trade, hitting a record low.

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