The Warehouse is expecting trading conditions to remain difficult for some time.
Chief executive Ian Morrice told investors at the company's annual shareholder meeting in Auckland that rising prices was continuing to put pressure on operating costs.
Despite the tough conditions, Mr Morrice said The Warehouse expects to double internet sales by the end of this financial year as more customers shop online.
No guidance was given on how much The Warehouse is likely to earn this financial year until after the key Christmas and back to school trading periods.
Shares in the Warehouse, which have fallen nearly 13% over the last year, remain unchanged at $3.73 on Friday.