New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

Warehouse Group Limited / Equity Bottom-Up

<ul><li>The Warehouse Group (WHS) reported a subdued FY23 result which was broadly in line with our expectations but a material decrease on the prior year.</li><li>The disappointing operating result was primarily driven by: (1) year on year revenue declines in all brands except The Warehouse, (2) broad-based inflation, (3) gross margin pressures, which were more severe in 1H23, and (4) increases in cost of doing business (CODB) from higher information system spend, depreciation, and lease costs.</li><li>Torpedo7's operating loss was a key negative surprise, and with a mixed earnings track record, raises questions on the sustainability of this division. </li></ul>

The Warehouse Group (WHS) reported a subdued FY23 result which was broadly in line with our expectations but a material decrease on the prior year.The disappointing operating result was primarily driven by: (1) year on year revenue declines in all brands except The Warehouse, (2) broad-based inflation, (3) gross margin pressures, which were more severe in 1H23, and (4) increases in cost of doing business (CODB) from higher information system spend, depreciation, and lease costs.Torpedo7's operating loss was a key negative surprise, and with a mixed earnings track record, raises questions on the sustainability of this division. 

The Warehouse Group - FY23 Result — Torpedo-Ed