12 Sep 2014

Warehouse profit plummets 46 percent

11:33 am on 12 September 2014

The Warehouse Group's annual net profit has fallen more than 46 percent to $77.8 million for the year ended 27 July.

The discount retailer said its lower net profit of nearly $77.8 million for the year ended late July reflected the strategic re-shaping the company was undergoing.

That includes refurbishing the Warehouse stores, rebranding Warehouse Stationery and Noel Leeming and building its Torpedo7 business.

The company's sales rose 18.3 percent to $2.65 billion.

A Warehouse spokesperson said it was confident its strategy would deliver results but it was too early to provide guidance for the current year's earnings.

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