The Warehouse Group has issued guidance for its operating profit from continuing operations, expecting it to be significantly lower in the 2024 financial year.
The retail giant said it anticipates sales from continuing operations to be 6-7% lower than the previous year.
This decline in sales is attributed to the challenging retail trading conditions in New Zealand, which have been further impacted by subdued consumer demand and mild winter weather.
The Warehouse Group's FY24 EBIT, excluding the loss from discontinued operations and potential restructuring costs, is projected to be in the range of $22 million to $30m.
This is a significant decrease from $83.4m in the prior year.
The company's interim CEO, John Journee, acknowledged the pressure on the retail sector and highlighted the ongoing challenges of market conditions and cost of living pressures.
The Warehouse Group will report its full FY24 annual results on September 26 2024.
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