Morrice talk played down

Warehouse chief executive Ian Morrice. Photo / Natalie Slade

The Warehouse chairman Keith Smith has downplayed speculation that chief executive Ian Morrice may be shown the door after a decline in sales over the Christmas period.

Businessdesk yesterday reported several investment sources had said the market was rife with talk that Morrice could be forced to step down.

Morrice has been on the board of the discount retailer since 2004.

Smith said the speculation was "totally rumours".

The Warehouse reported a 2.7 per cent decline in sales in the two months ended January 2, compared with the same period last year, with same store sales falling 3.8 per cent.