New Zealand based retailer the Warehouse Group Ltd
(ASX:WHS) has reported a fall in net profit for the 53 weeks to August 2 impacted by charges related to the exit from its fresh food and liquor business.
Net profit after tax came to NZ$76.8 million down from NZ$90.8 million for the same period a year ago.
The result was impacted by a NZ$7.4 million post tax charge relating to the exit from fresh food and liquor, while its result the year before benefited from the reversal of warranty provisions of NZ$7.2 million.
Group sales fell 0.8 per cent to NZ$1.72 billion, while same-store-sales dropped 0.4 per cent.
CEO Ian Morrice says the market for big ticket items was particularly difficult with most of Warehouse Stationery’s sales reduction attributable to office furniture and technology products.
Looking ahead Mr Morrice says for the next 12 months the company will focus on growth through product and format development.
The Warehouse Group declared a final dividend of NZ5.5 cents a share.
Looking at the past five years, the Warehouse Group’s best result was in 2007.
