Warehouse first-half profit falls 8.2% with margins squeezed

The Warehouse's first-half net profit fell 8.2% even as Christmas and summer sales hit records with supply-chain disruption eating into its profit margins.Net profit for the 26 weeks ended Jan 30 fell to $50.4 million compared with $55m in the same six months a year earlier.Gross profit margin fell 150 basis points to 34.7%, which it attributed both to disruptions in its supply chain and rising ocean freight costs.Sales fell 4.3% to $1.73 billion for the six months, although sales in the second quarter rose 2.8% to a record.But online sales...
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.
Yearly - (Save $179 compared to monthly)
$349.00
Monthly
$44.00
All subscriptions auto renew but are easy to cancel.
Not convinced yet?
Subscribe to our free 7am Headlines newsletter.
A quick summary of everything BusinessDesk has published in the previous 24 hours. No BusinessDesk
subscription needed.