18 Sep 2015

Full-year profit at The Warehouse drops by a third

12:28 pm on 18 September 2015

The Warehouse - the country's biggest retailer - has seen its full year profit fall by a third as it wrote down the value of parts of its business.

The operator of the well known Red Shed stores and the Noel Leeming chain reported a net profit of $52.4 million in the year to the end of August, down 33 percent on last year, but better than it had been expecting.

The company said all its store brands performed better in the second half of the year, lifting the bottom line above its expectations.