7 Sep 2012

Warehouse overhaul pays off

1:57 pm on 7 September 2012

The Warehouse has lifted its full year profit following the overhaul of its Red Sheds last year as part of its plan to boost sales.

The country's largest listed retailer made $89.9 million in the year to the end of July, an increase of 15% compared with the previous year.

Excluding one-off items and unrealised charges, underlying profit fell 14% to $65.1 million.

Sales across its general merchandise Red Sheds and stationery Blue Sheds grew 4% to $1.7 billion.

Sales at stores open for more than a year, a key indicator, grew 2.6%.