The chief executive officer of the Warehouse Group Ltd. plans to resign this year, the New Zealand Herald reported, citing an interview with him.
Warehouse Group Ltd. , New Zealand’s biggest discount retailer, said first-quarter sales were little changed amid sluggish consumer spending.
New Zealand’s economic growth unexpectedly weakened even before the nation’s worst earthquake in eight decades crippled infrastructure in the south of the country. The local currency snapped a four-day rally.
Warehouse Group Ltd ., New Zealand’s largest discount retailer, said first-half profit will be as much as 11 percent less than a year earlier after Christmas sales fell.
New Zealand’s finance minister called a stronger local dollar an “impediment” to export growth and said it’s difficult to see a case in which the currency advances further this year.
New Zealand consumer confidence is slowly improving, according to Warehouse Group Ltd. , the nation’s largest discount retailer.
New Zealand likely avoided a recession last year due to a recovery in business confidence led by exports, consumer spending and construction, economists say.
New Zealand retail sales unexpectedly increased in the third quarter, bolstering the case for central bank Governor Alan Bollard to resume raising interest rates early next year.
New Zealand consumer spending fell for the first time in three months in July, adding to the case for central bank Governor Alan Bollard to leave interest rates unchanged this week.