Warehouse Group reports Q3 sales decline

The Warehouse Group has reported a decline in sales for the third quarter of the 2024 financial year.

Total sales for the 13 weeks ending April 28 were $695.5 million, down 9.2% compared to the same period last year.

This decline in sales contributed to a 6.2% drop in total sales for the year to date, which amounted to $2.3 billion.

The group's gross profit for the quarter was also lower, at $227.9m, a decrease of 12.8% from the previous year.

However, the gross profit margin for the year to date increased to 33.8%.

The Warehouse, Warehouse Stationery, and Noel Leeming all experienced a decline in sales during the third quarter.

The group cited the unusual upward sales trend in the comparative period last year as a factor for the decrease.

It also confirmed that TheMarket.com will be closed by late June 2024, after failing to meet expectations.