Warehouse profit shrinks 18% as margins squeezed

Warehouse chief executive Nick Grayston said the result was pleasing despite the six months being disrupted. (Image: Warehouse)

Riley Kennedy

Wed, 28 Sep 2022

The Warehouse Group's annual profit shrank 18% as the retailer's margins felt the squeeze from covid-19 disruptions in the first half of the financial year. Even so, the retailer eked out its second biggest year for sales despite operating for almost a quarter with its Auckland stores closed. Net profit fell to $89.3 million in the 52 weeks ended July 31 from $109.3m in the prior, a steeper decline than the 3.5% dip in annual revenue to $3.29 billion from what was a record $3.41b in the 2021 financial year. Adjusted prof...

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