New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

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.

Thematic (Sector/Industry)

<ul><li>If Christmas shopping has snuck up on you this year, don’t stress—we’re here to make it simple!</li><li>We've curated a comprehensive Christmas gift guide to offer a variety of ideas for all your family members at any budget.</li><li>Included in this year's top picks are a pickleball set for family fun, a stylish ‘W’ cap (with a donation to Wikipedia), an Oura Ring combining tech and self-care, and a Matakana Village picnic for those who cherish quality time and good wine.</li></ul>

If Christmas shopping has snuck up on you this year, don’t stress—we’re here to make it simple!We've curated a comprehensive Christmas gift guide to offer a variety of ideas for all your family members at any budget.Included in this year's top picks are a pickleball set for family fun, a stylish ‘W’ cap (with a donation to Wikipedia), an Oura Ring combining tech and self-care, and a Matakana Village picnic for those who cherish quality time and good wine.

Retail Sector Santa's Stocking: What's in Store for Christmas?

<ul><li>Christmas is a significant trading period for retailers. While 2024 has been a challenging year for the sector, recent listed trading updates and Stats NZ data suggest that sales declines are slowing.</li><li>We expect gross margins will remain under pressure as competition is elevated across the industry.</li><li>Despite this, the sector is optimistic for the year ahead, with our recent Pulse of NZ Business survey showing that retailers have seen demand increase over the last three months. </li></ul>

Christmas is a significant trading period for retailers. While 2024 has been a challenging year for the sector, recent listed trading updates and Stats NZ data suggest that sales declines are slowing.We expect gross margins will remain under pressure as competition is elevated across the industry.Despite this, the sector is optimistic for the year ahead, with our recent Pulse of NZ Business survey showing that retailers have seen demand increase over the last three months. 

Retail Sector - What's in Stock for Christmas & The Year Ahead

Equity Bottom-Up

Warehouse Group Limited / Equity Bottom-Up

<ul>
<li>The Warehouse Group's (WHS) 1Q25 trading update provided another stark reminder of how challenging operating conditions are for domestic retailers.</li>
<li>Sales declines across all of its brands continue, and competitive pricing pressure is rising, which is impacting gross margins.</li>
<li>Unfortunately for WHS, it already has thin operating margins and an inflated cost base, so any pressure on gross margins has a material impact on its bottom line. </li>
</ul>


The Warehouse Group's (WHS) 1Q25 trading update provided another stark reminder of how challenging operating conditions are for domestic retailers.
Sales declines across all of its brands continue, and competitive pricing pressure is rising, which is impacting gross margins.
Unfortunately for WHS, it already has thin operating margins and an inflated cost base, so any pressure on gross margins has a material impact on its bottom line. 


The Warehouse Group - Red Alert on Margins

<ul><li>The Warehouse Group (WHS) reported a challenging FY24 result.</li><li>Management is committed to a turnaround in Red Sheds, but any turnaround will take time, and investors will want to see tangible signs of improvement before re-rating the stock.</li><li>In the meantime, domestic consumer spending remains weak, market share losses to key peers continue, and there will be a period of consolidation to sell through old stock. </li></ul>

The Warehouse Group (WHS) reported a challenging FY24 result.Management is committed to a turnaround in Red Sheds, but any turnaround will take time, and investors will want to see tangible signs of improvement before re-rating the stock.In the meantime, domestic consumer spending remains weak, market share losses to key peers continue, and there will be a period of consolidation to sell through old stock. 

The Warehouse Group - Stuck in the Red; Down to UNDERPERFORM

<ul><li>The Warehouse Group (WHS) is the second NZ listed retailer in as many days to provide a disappointing trading update.</li><li>WHS guided to a full-year sales decline of -6% to -7% and EBIT (pre IFRS-16) of NZ$22m–NZ$30m, which implies double-digit declines in 4Q24 sales and a second-half operating loss.</li><li>The NZ consumer is clearly under increased pressure, with company commentary and channel checks suggesting that the rate of deterioration in spending has accelerated over recent weeks. </li></ul>

The Warehouse Group (WHS) is the second NZ listed retailer in as many days to provide a disappointing trading update.WHS guided to a full-year sales decline of -6% to -7% and EBIT (pre IFRS-16) of NZ$22m–NZ$30m, which implies double-digit declines in 4Q24 sales and a second-half operating loss.The NZ consumer is clearly under increased pressure, with company commentary and channel checks suggesting that the rate of deterioration in spending has accelerated over recent weeks. 

The Warehouse Group - Tough Times Roll On

New Zealand

The Warehouse Group Limited operates general merchandise and stationery supply retail stores throughout New Zealand.

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Warehouse Group Limited (WHS NZ)

Retail Sector Santa's Stocking: What's in Store for Christmas?

If Christmas shopping has snuck up on you this year, don’t stress—we’re here to make it simple! We've curated a comprehensive Christmas gift guide...

Forsyth Barr

Retail Sector - What's in Stock for Christmas & The Year Ahead

Christmas is a significant trading period for retailers. While 2024 has been a challenging year for the sector, recent listed trading updates and...

Forsyth Barr

The Warehouse Group - Red Alert on Margins

The Warehouse Group's (WHS) 1Q25 trading update provided another stark reminder of how challenging operating conditions are for domestic retailers.

Forsyth Barr

The Warehouse Group - Stuck in the Red; Down to UNDERPERFORM

Management is committed to a turnaround in Red Sheds, but any turnaround will take time, and investors will want to see tangible signs of...

Forsyth Barr

The Warehouse Group - Tough Times Roll On

WHS guided to a full-year sales decline of -6% to -7% and EBIT (pre IFRS-16) of NZ$22m–NZ$30m, which implies double-digit declines in 4Q24 sales...

Forsyth Barr

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