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

The Warehouse shares plunge 12% as net profit falls by 60%
(Image: The Warehouse)
Ella Somers
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...

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