The Warehouse Group has been expanding its grocery offering. Photo / Supplied
The Warehouse Group has posted an annual net profit of $87 million, down 19.3 per cent on last year’s $107.8m.
The company had its Auckland physical stores closed for 23 per cent of the reporting period and battled rising inflation.
For the year ended 31 July, the retail group achieved almost $3.3 billion in sales revenue across The Warehouse, Warehouse Stationery, Noel Leeming and Torpedo7 stores, despite sales at its three leading retailers decreasing over the year.
Group sales of $3.3b were down 3.5 per cent compared to $3.41b achieved in FY21.
The Warehouse said its decrease in profit could be attributed to a $11.4 million expense due to its accounting treatment of cloud computing software arrangements.
The group will pay out a final dividend of 10 cents per share, taking full-year dividends to 20 cents per…
