The Warehouse Group FY20 Unaudited Result and Dividend

8 October 2020 The Warehouse Group FY20 Unaudited Result and Decision on Final Dividend The Warehouse Group Limited ("the Group") today announced its preliminary unaudited result for year ended 2 August 2020. The Group delivered sales of $3.2 billion, up 3.3% on FY19 or 1.5% when adjusting for FY20 being a 53 week year, compared to 52 weeks in FY19. Group sales in the second half of FY20 were $1.5 billion, up 4.1% on FY19 but flat when adjusting for FY20 being a 53 week year. The Group full year Reported NPAT was $44.5 million, down 32% on FY19. The Group Reported NPAT includes $67.8 million received in wage subsidies. If Reported NPAT is adjusted to exclude the wage subsidy, the Group would have a made a loss of $4.3 million. Given the loss prior to the wage subsidy, as well as the continued uncertainty around economic activity and trading outlook, the Group Directors have decided not to pay a dividend for FY20. Subject to trading over the critical Q2 period and any further alert level restrictions and adverse economic impacts of COVID-19, the Group hopes to return to paying dividends in line with its Dividend Policy for FY21. The Group ended the 2020 financial year with a net cash position of $168.1 million, as a result of strong working capital management and robust trading conditions following the first seven week COVID-19 lock-down period. As the Group returns towards a more normal level of working capital, the net cash balance has reduced to approximately $80 million. Adjusted NPAT was $80.7 million, including adjustments for unusual items of $36.3 million (after tax), up 9.0% on last year. The Group's audited result for the full year ended 2 August 2020 will be released on Thursday 15 October. ENDS Contact details regarding this announcement: Investors and Analysts: Jonathan Oram, Chief Financial Officer +64 21 757 415, jonathan.oram@thewarehouse.co.nz End CA:00361181 For:WHS Type:MKTUPDTE Time:2020-10-08 13:28:43