The Warehouse Group has reported a 2.5% decrease in total retail sales for the first quarter of the 2024 financial year.
The company's retail sales for the period were $668 million, down from $685.2m in the same quarter last year.
However, this was an improvement compared to the 5.9% decline in the fourth quarter of the 2023 financial year.
The group, which operated 218 stores in the first quarter of the 2024 financial year, down from 221, said same-store sales, excluding online, showed a smaller decline of 2%.
Online sales decreased by 12.9%, accounting for 6.3% of the group's retail sales.
The company attributed the decrease in online sales to the rationalisation of its product offering from third-party vendors.
The Warehouse Group's interim chief executive, John Journee, acknowledged the challenging trading conditions but highlighted positive signs, such as an encouraging response to new summer ranges and market share retention at Noel Leeming.
Looking ahead, he said the company remained cautious and expected the trading environment to remain tight and competitive.
See more
