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James Pascoe lifts Warehouse stake

NZ NewswireNZ Newswire 19/06/2016 Jonathan Underhill
Warehouse chief executive Mark Powell said the decision was driven by feedback from customers. © Bloomberg Warehouse chief executive Mark Powell said the decision was driven by feedback from customers.

Retail group James Pascoe has lifted its holding in Warehouse Group to 17.5 per cent after buying shares on-market last week.

Pascoe bought 244,367 shares for a total of $679,015, or about $2.78 apiece on June 17, it said in a statement to the NZX.

It emerged as a substantial security holder in October 2014 before lifting its holding to 16.4 per cent in March 2015 by buying out Australian retailer Woolworths' stake for $87.1 million.

At the time, Pascoe said it wasn't interested in making a takeover offer for New Zealand's largest listed retailer.

Pascoe's retail interests include owns Farmers, Whitcoulls, Pascoes, Stevens, Stewart Dawsons and Goldmark.

Warehouse shares last traded at $2.85, the highest in more than two months.

Last month the Auckland-based retailer lifted third-quarter sales 5.5 per cent to $672.2m and said it's on track to meet its forecast annual profit excluding one-time items of $61m-$64m.

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