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 weaker-than-expected 3Q24 sales update.</li><li>While we had expected the domestic operating backdrop to remain challenging, the biggest negative surprise was the fall-off in Noel Leeming sales, with both Red and Blue sheds coming in broadly in-line with our expectations.</li><li>Gross margins were also negatively impacted, falling -130 bps on the prior year.  </li></ul>

The Warehouse Group (WHS) reported a weaker-than-expected 3Q24 sales update.While we had expected the domestic operating backdrop to remain challenging, the biggest negative surprise was the fall-off in Noel Leeming sales, with both Red and Blue sheds coming in broadly in-line with our expectations.Gross margins were also negatively impacted, falling -130 bps on the prior year.  

The Warehouse Group - Noel Profit, Noel Cry