The Warehouse shares plunge 12% as net profit falls by 60%

(Image: The Warehouse)

Thu, 23 Mar 2023

The Warehouse's shares fell more than 10% when the market opened this morning after it reported its first-half net profit had plummeted 60.9% and cancelled the first-half dividend.The retailer cited high inflation and continuing cost of living pressures as the main contributors to the massive fall.Net profit for the six months ended Jan 29 fell to $17.4 million compared with $44.4m in the same six months a year earlier.Chief executive Nick Grayston said the retailer had experienced a “very challenging” trading environment in the...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Law & Regulation

Former National candidate Jake Bezzant sued for alleged fraud

Jake Bezzant and fellow directors are sued for allegedly defrauding a US investor.

John Anthony 5:00am

Primary Sector

Will dairy prices be trumped by tariff turmoil?

The first global auction since the tariff announcement is this Wednesday.

Riley Kennedy 5:00am

Will dairy prices be trumped by tariff turmoil?

Infrastructure

Treasury unhappy with tweaks to $1b transport fund

The money was meant to bring forward a second wave of roads of national significance.

Oliver Lewis 5:00am

Treasury unhappy with tweaks to $1b transport fund

Sponsored

Go beyond reporting zero emissions

Clean energy that helps businesses and communities thrive

Meridian Energy

Sponsored

New life in property market

Tax rule changes are bringing back mum-and-dad investors.

Fletcher Living

More Retail

Finance

Govt eagle-eyed on ComCom interchange fees decision

Open banking depends on sustainable interchange fees, Minister Scott Simpson says.

Pattrick Smellie 11 Apr 2025

Retail

Hart business tips manufacturing contractor into receivership

A spokesperson estimated Hansells Masterton employs 100 people.

Staff reporters 10 Apr 2025

Retail

Woolworths' restructure overhauls pay structure

Supermarket giant Woolworths’ new operating model could lead to pay cuts that will cost experienced workers thousands of dollars, a union claims.But a Woolworths New Zealand spokesperson said the changes would ensure the business had the right expertise, in the right place, at th...

Staff reporters 10 Apr 2025

Retail

OfficeMax parent's profits up 34.2%

By cutting expenses, the online office supplier OfficeMax has boosted its profits. Project Inkquill, the parent company of three OfficeMax entities, reported annual financial statements for the year to Dec 28 to the Companies Office on Wednesday. The firm reported net profit incr...

Gregor Thompson 10 Apr 2025

The Warehouse shares plunge 12% as net profit falls by 60%

More Retail

Your company has a subscription

Team