12 Mar 2009

Warehouse half year profit down

11:42 am on 12 March 2009

Half-year profit at The Warehouse has taken a hit from costs associated with its exit from food and liquor sales.

Net profit for the discount retailer fell 24% to $49 million in the six months ending January, compared with the same period last year.

When excluding the $7.4 million of exiting food and liquor sales, profit was steady at $56.8 million.

Sales decreased by almost 3% to $923.5 million, led down by electronic goods and stationary.

Chief executive Ian Morrice is pleased that underlying business is steady, despite lagging consumer spending.