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The Warehouse Group profits fall

  • News
  • June 6, 2017
  • The Register team
The Warehouse Group profits fall

The Warehouse has seen its first-half profit fall from $61.1 million to $13.6m in the six months ending January.

The company is attributing the profit loss to restructuring costs and asset write downs and has also recently confirmed plans to cut about 130 jobs due to the restructuring.

Group sales at the country’s largest retailer were up 3.3 percent to $1.6 billion.

The retailer said today that performance across its portfolio was mixed in the past six months, with a flat result for the Red Sheds and Warehouse Stationery, losses in the financial services division, and growth in Noel Leeming and Torpedo7.

In part of the restructuring, the group announced the final sale of its Newmarket location in an unconditional contract that is due to be completed July this year.

The group had been setting plans for its new location for a while and had taken the next step by selling its property for $65 million. The proceeds contributed to reduce debt before the move.

The job cuts were expected to save up to $20 million in the FY18 year.

Chief executive Nick Grayston said the company anticipates annual savings of $15 million to $20 million, with a one-off restructuring bill of between $10 million and $13 million.

The company expects that the second half of the financial year will be 10 to 15 percent down on last year, with a full-year profit in the range of between $54m and $58m.

The full year dividend was expected to be 15 cents per share, including a 10 cents interim dividend and a final dividend of 5 cents.

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