Business
Warehouse : FY25 Interim Results 26 weeks ending 26 January 2025
Warehouse : FY25 Interim Results 26 weeks ending 26 January
About this update from Warehouse Group Ltd.
[{"type":"text","content":"FY25 Interim Results\n \n \n 21 March 2025\n \n 26 weeks ending 26 January 2025\n \n \n Helping Kiwis live better every day\n \n \n Contents\n \n Chair's update - Dame Joan Withers\n Group update - John Journee\n Group financial performance - Mark Stirton\n Turnaround update - John Journee\n Looking ahead - John Journee\n Appendix - Additional information\n Glossary\n \n 2\n \n \n Chair's update\n \n \n Dame Joan Withers\n \n \n Chair\n \n \n 3\n \n \n Chair update - Half Year in review\n \n Our turnaround is starting to gain momentum and building the foundations for long-term growth.\n \n Sales have held up relatively well in a challenging retail environment with subdued customer spending.\n Against this backdrop, we are making real progress - an improving sales trend, cutting costs and capital expenditure, and focusing on the fundamentals.\n We have made excellent progress in reducing cost and capital expenditure.\n But there's more to do.\n Our priorities are refreshing our core categories, improving efficiency and positioning the business for the future.\n Our disciplined approach, positive cash position and liquidity give us confidence that we will emerge stronger.\n The Board made the difficult but prudent decision not to pay an interim dividend given the half year results and the current best estimate of the full year.\n Notwithstanding the challenging market conditions, we are committed to growing shareholder value over the long term and return to paying dividends when commercially prudent.\n \n Sales $1.6bn\n \n \n Down 1.6% on FY24 H1\n \n \n Gross Profit $521.7m\n \n \n Gross Profit Margin 32.5%\n \n \n Down 180bps on FY24 H1\n \n \n Positive Net\n \n \n Cash Balance $19.0m\n \n \n From net debt of $50.7m at FY24 year end\n \n \n 4\n \n Group update\n \n \n John Journee\n \n \n Interim CEO\n \n \n 5\n \n \n Group update - Half Year in review\n \n Group Results\n \n Sales were down 1.6% in the half year - a significant improvement in the decline in sales we saw last year.\n First quarter saw a decline in sales of 2.5% compared to FY24 Q1 with the second quarter improving with a decline in sales of 0.9%.\n Encouragingly, following a soft November and December, we have seen sales growth in January compared to prior year. This has continued into the first month of H2.\n Gross Profit was down 6.8% with margin decreasing 18...