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The Warehouse Group (WHS) investor relations material

The Warehouse Group H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary1 Oct, 2025

Executive summary

  • Group sales increased 1.6% to $3.1 billion, but like-for-like sales were flat amid challenging economic conditions and heightened retail competition.

  • Operating profit was $1.3 million, with a net loss of $2.8 million, an improvement from a $54.2 million loss in FY24; no dividend was declared for FY25.

  • Leadership changes included Mark Stirton as CEO and a refreshed executive team, with a brand-led strategy showing early traction.

  • Focus remains on cost control, margin improvement, and turnaround initiatives.

Financial highlights

  • Gross profit margin declined by 140 basis points to 32.2%, mainly due to a highly promotional environment and category mix shifts.

  • Cost of doing business decreased 40 basis points to 32.2% of sales, with head office costs down 7.8% and depreciation down 7.4%.

  • Free cash flow was negative $45.2 million, impacted by 53rd week timing and year-end payments.

  • Net debt increased to $96.1 million, mainly due to timing of supplier payments and higher goods in transit.

  • Capital expenditure reduced to $12.4 million from $39 million in FY24.

Outlook and guidance

  • Retail environment expected to remain challenging through 2025, with low consumer confidence and cost-of-living pressures.

  • FY26 focus is on margin recovery, cost reduction, and working capital unlocks, especially in higher margin categories.

  • Overhead management and selective capital investment are key priorities; management targets cost of doing business below 31% of sales in the medium term.

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Frequently asked questions

The Warehouse Group Limited is a major retail company in New Zealand, operating several well-known brands, including The Warehouse, Warehouse Stationery, Noel Leeming, and Torpedo7. The company offers a broad selection of products across categories such as general merchandise, electronics, home appliances, office supplies, outdoor gear, and apparel. Serving both urban and regional areas, The Warehouse Group provides in-store and online shopping experiences with a focus on value, quality, and sustainability. The company is headquartered in Auckland, New Zealand, and its shares are listed on the NZX.

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