The Warehouse Group Limited

Overview

The Warehouse Group Limited (WHS) was established in 1982 by Stephen Tindall, initially selling imported and manufactured clearance lines in Takapuna, Auckland. The Warehouse has subsequently grown to become one of New Zealand's largest general merchandise retailer. The company also owns The Warehouse Stationery chain.

The group was listed in November 1994 following a public issue of 23.6 million ordinary shares at $2.50.

In 2000 it bought two Australian discount variety chains with 126 stores, Clint's and Silly Solly's, for A$118m, incorporating them into a division called The Warehouse Australia. In November 2005, it agreed to sell its Australian business.

On 31 July 2008 the Court of Appeal announced that it had set aside a clearance granted by the High Court for Woolworths and Foodstuffs to acquire up to 100% of the shares in WHS. Both Woolworths and Foodstuffs hold 10% each of WHS.

On October 9, 2008, WHS announced that, after a review, it had decided to discontinue its plan to roll out the Warehouse Extra format as it did not meet its investment criteria.

Performance

The following information was extracted from The Warehouse Group Limited's Full Year Report, released on 30 September 2026:

The Warehouse Group reports strong profit growth in FY26 Summary for the 52 weeks ended 2 August 2026:

• Reported sales were $3.0 billion, down 1.9% on a 53-week FY25, up 0.4% on a comparative 52-week same-store basis

• Group gross profit margin up 40 basis points to 32.6%

• Cost of doing business reduced by $29.8 million to 31.8% of sales, an improvement of 40 basis points

• Operating profit (EBIT pre-NZ-IFRS 16) increased to $22.6 million from $1.3 million in FY25

• Reported net profit after tax increased to $11.2 million from $2.8 million net loss after tax in FY25

• Operating cash flow improved by $121.2 million to $193.5 million, capital expenditure increased to $21.1 million from $12.4 million in FY25 with investment primarily directed to stores • Net debt reduced to $17.0 million from $96.1 million in FY25

• No final dividend has been declared for FY26

The Warehouse Group today announced a strong recovery in profitability, with comparable store sales holding broadly steady despite continued pressure on discretionary spending. Gross margin improved and costs reduced as a proportion of sales, while stronger cash flow supported increased investment in store upgrades and foundations for future growth.