Warehouse Group reports $2.8m loss despite sales increase

The Warehouse Group has reported a net loss after tax of $2.8 million for the 2024 financial year.

Group sales increased by 1.6% to $3.1 billion, while on a 52-week same-store sales comparable basis, it was flat.

The Warehouse's sales rose by 1.4% to $1.8 billion, and Noel Leeming's sales were up 3.3% to $1b.

However, Warehouse Stationery sales decreased by 2.5% to $226m.

The company's gross profit margin declined by 140 basis points to 32.2%.

The cost of doing business as a percentage of sales reduced by 40 basis points to 32.2%.

The group had tightly controlled capital expenditure of $12.4m, down from $39m in the previous financial year.

Its net debt stood at $96.1m, but if the year-end had been at the same time as FY24, it would have been approximately $13m.

No dividend was declared for the financial year.