Media Release

Date:  8 April 2003

SUBJECT:  February 2003 Retail Results

Our prediction of a slowing in consumer demand in the early part of 2003 is borne out by the release of the February 2003 retail results, says John Albertson, CEO of the NZ Retailers Association.

Overall sales increased by 6.3% for the month compared to 7.9% in January 2003

However, when automotive sales are excluded sales increased by 6.4% in February compared to 5.8% in January 2003.

Significant increases were evidenced in the cafe and accommodation sectors during the month which we believe is interrelated with the late summer prevalent in New Zealand this year and the Americas cup regatta in Auckland.

All regions report increased trading levels with some significantly higher results in provincial South Island areas.

There has to date been no significant detrimental impact on the domestic economy as a result of the deteriorating international situation in the Middle East.

Consequently, provided this scenario continues we believe that our prediction of modest growth of around 5% will be achieved in the 2003 calendar year, concluded Mr Albertson

Further Information: Barry Hellberg  021 673480