The Warehouse group issued its latest quarterly update (Q1, to end October 2018) on Friday.
Group sales of $668.3 million were +3.6% compared to Q1 FY18, an "encouraging" result, says TWG, given a negative (-1.7%) top line result at the same time last year.
The Warehouse (Red Sheds) showed sales of $360.1 million (+2%) and same store sales +2.7%, marking the Red Sheds' return to same store sales growth with EDLP now fully bedded in. The quarter also brought a slightly improved Gross Margin.
Noel Leeming's Q1 sales were $209.6 million (+7.4%) and same store sales +3.2%
Warehouse Stationery, with sales of $61.7 million (+4.4%) and same store sales +4.1% also saw improved Gross margin with the brand looking at continued integration with the Red Sheds.
Torpedo7's Q1 sales were $37 million (negative 5.6%) and same store sales also negative 2.7%, due to the divestment of the Shotgun brand and the closure of the Number 1 Fitness website. However, continuing business sales were +14.1% thanks to store network expansion.
Group online sales (NZ) were $49.3 million (+5.3%) and, excluding Torpedo7, Q1 online sales were +27%).
Online sales as a percentage of total TWG sales is now 7.4%.
The TWG Annual Shareholder Meeting is on 23 November.