Warehouse Stationery Q3 sales down 10 per cent
20 May 2020
Online sales up but lockdown takes its toll.
The COVID-19 outbreak has dented third quarter sales at Warehouse Stationery
despite a significant spike in online sales.
During the quarter, The Warehouse saw sales fall 23 per cent to NZ$297.3 million while sales at Warehouse Stationery fell 9.8 per cent to NZ$64.5 million.
Unaudited retail sales for the group for the three months ending April 26 2020 fell to NZ$586.3 million. For the beginning to the quarter sales were up 18.8 per cent on the prior corresponding period, but this quickly changed when the stage 4 lockdown begun.
Despite this, a gradual increase in online sales eased the pressure, rising 74.8 per cent on the same quarter of 2019.
“We are proud of the way in which the group responded to the rapid growth in online demand and would like to thank our fulfilment operations and support function teams for their tireless efforts to scale this operation and deliver products to customers,” Nick Grayston, Warehouse Group CEO, said.
“However, while we expect that the opening of stores will see a significant increase in sales, significant uncertainty remains around the impact of operating constraints, customer demand levels and the longer term impacts of COVID-19 on the economy and consumers,'' he said in a statement to the NZX.