Let me begin this piece with I no longer wish to be a shareholder in The Warehouse. The exact phrase I used to start the last piece I wrote about this wayward dinosaur.
The Warehouse Group [WHS.NZ] is a sad part of this gentleman's portfolio. It hasn't lost me money , yet, and it hasn't made me any money either .
I SHOULD HAVE GOTTEN OUT A LONG TIME AGO.
On 19th December 2016 I would have got out with a very small profit.
I now hold it at a small loss.
On 20th February 2017 I still hold 5000 of the little buggers but seeing how the company is about to wring out one last drop of money from the golden goose in March - 1000 people at head office is about 800 too many for it size - I will hold on for the inevitable shares price rise then ditch the little buggers.
20.12.2016 Warehouse Announcement.
The strategy will be announced on Thursday, 9 March 2017. "At that time, we will also provide an update on progress against Group strategy, including details of actions taken to reduce the Group's cost of doing business."
Lets hope - crossing fingers and everything else - they really make some radical changes and Briscoe's The Warehouse.
I'm not sure that Nick Grayston is the right guy for it OR whether owners/customers will even allow him to do it.
I'm sure this is just the beginning of the end for the company and James Pascoe will be left to mop up whatever he doesn't own.
Good luck.
I wont be there.
Share Investor Portfolio @ 17 Feb 2017
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