Warehouse Group reports strong sales, lower profits

The Warehouse Group has announced its FY23 annual results, reporting strong sales despite a challenging year.

Group sales reached $3.4 billion, a 3.2% increase from the previous year, with The Warehouse achieving a record sales result of $1.9 billion, up 9.6% from the prior year.

However, the gross profit margin decreased by 190 basis points compared to FY22, although it showed improvement compared to FY23 H1.

The reported Net Profit After Tax was $29.8 million, a 66.6% decrease from the prior year, while the adjusted Net Profit After Tax was $37.5 million, down 56.2% from the previous year.

Operating cash flow improved significantly, increasing by 103.2% to $214.2 million in FY23.

The company had a net debt of $48.1 million and available liquidity of $421.9 million as of FY23.

A final dividend of 8.0 cents per share has been declared.