The retailer expects to post adjusted profit of more than $160 million this year, up from $80.7m last year.

The Warehouse Group expects to double its full-year profit as it benefits from strong trading and restructuring.
The retailer expects to post adjusted profit for the full year of more than $160 million, it said in a statement to the NZX on Friday. That is up from $80.7m last year.
The Warehouse and other retailers have benefited from increased spending following the Covid-19 pandemic as money normally channelled to overseas travel was instead spent locally, with its sales in the 39 weeks to May 2 up 15 per cent to $2.6 billion.
The company is also seeing the benefits of a major restructuring that resulted in it closing stores, cut jobs, reshuffle rosters, and improve its buying and pricing practices to better manage inventory.
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While we believe that there are positive consumer tailwinds, we believe that we are seeing strong continued benefit from many aspects of the transformation that has been underway for the last few years, said chief executive Nick Grayston.
However, the future remains uncertain and we are focused on ensuring that we take actions to manage changes in consumer spending.
The Monitor looks at how individual parts of New Zealand’s economy have rebounded since the Covid-19 pandemic hit.
In the third quarter ended May 3, group sales were up 35 per cent to $791.2m compared with last year and 11 per cent ahead of 2019. The company said last years figures were affected by disruption to operations and store closures due to Covid-19 and 2019 figures were a clearer performance comparison.
The company has seen exponential growth in online sales and for its click-and-collect service following Covid-19. Online sales at the group jumped 60 per cent in the third quarter compared with 2019 levels, and represented 10.8 per cent of total sales in the quarter, compared to 7.5 per cent in 2019.
Third-quarter trading was underpinned by significant growth in electronics retailer Noel Leeming, where sales were 36 per cent ahead of last year at $263m, and 21 per cent ahead of 2019 levels, helped by strong communications, computers and whiteware sales, the company said.
The groups sports goods retailer Torpedo7 lifted third-quarter sales 61 per cent to $35.4m compared with last year, and up 30 per cent from 2019 levels.
Its largest business, discount department store chain The Warehouse, which accounts for about half of group sales, increased sales 38 per cent from last year to $409.9m, up 6.1 per cent from 2019 levels.
The company said its group gross profit margin was 35.5 per cent for the third quarter, up 295 basis points from last year and up 196 basis points from 2019.
Shares in The Warehouse Group increased 3.2 per cent to $3.55 in mid-morning trading on the NZX on Friday, taking their gain over the past year to 75 per cent.