The Warehouse Group Limited FY25 Interim Results

Results for announcement to the market
Name of issuer The Warehouse Group Limited
Reporting Period 26 weeks to 26 January 2025
Previous Reporting Period 26 weeks to 28 January 2024
Currency New Zealand dollars
$1,607,207
$1,607,207
$11,791
$11,791
Interim Dividend
Record Date Not Applicable
Dividend Payment Date Not Applicable
Contact phone number
Contact email address
Date of release through MAP
Unaudited financial statements accompany this announcement.
The Warehouse Group Limited
Results for announcement (for Equity and Debt Security issuer)
Amount (000s)Percentage change
Revenue from continuing
operations
Net profit from
continuing operations
Mark.Stirton@twgroup.co.nz
$0.499 $0.541
The investor presentation, media release and unaudited interim Financial
Statements which accompany this announcement, provide information and
commentary to explain the financial performance of the Group for the 26 week
period ended 26 January 2025.
down (1.6)%
down (5.8)%
021 610 363
Prior comparable period
Mark Stirton (Group Chief Financial Officer)
Current period
Net tangible assets per
Quoted Equity Security
down (63.0)%
Total Revenue
Total net profit
Amount per Quoted Equity
Security
up 149.8 %
Imputed amount per
Quoted Equity Security
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
No dividend was declared for the half year ending 26 January 2025.
21 March 2025
Not Applicable
Authority for this announcement
Name of person authorised to
make this announcement
Contact person for this
announcement
Mark Stirton (Group Chief Financial Officer)

---

1



NZX | Media Release – 21 March 2025

The Warehouse Group announces interim results as
turnaround starts to gain momentum
Following its trading update on 3 March, The Warehouse Group today announced its half-
year results for the six months ending 26 January 2025 and gave an update on its Fighting
Fit turnaround plan.
• Group sales $1.6 billion, down 1.6% on FY24 H1 with same store sales down 1.1% in
the same period
• Gross Profit Margin at 32.5%, down 180 bps on FY24 H1
• Cost of doing business down 2.8% on FY24 H1
• Operating Profit
1
$19.5 million, compared to $43.0 million in FY24 H1
• Net Profit After Tax of $11.8 million, up from Reported Net Loss of $23.7 million in
FY24 H1
• Net Cash Position of $19.0 million compared to $50.7 million net debt in FY24 year
end with cash conversion at 106.1%.
The Warehouse Group reported a 1.6% decline in sales for the first half of FY25,
representing a significant improvement on the decline experienced in the last two years. The
Group’s Operating Profit (EBIT pre-IFRS16) is $19.5 million which is in line with the trading
update provided on 3 March 2025.
Sales were down 2.5% in the first quarter of the financial year but an improved trend in the
second quarter resulted in a smaller decline of 0.9%. After a slower November and
December, sales picked up in January with positive sales growth year-on-year and this trend
has continued into the start of the second half.
While sales momentum is building, gross margins remain under pressure, decreasing 180
bps to 32.5% in FY25 H1. A strategic intent to reset our Every Day Low Prices, combined
with a highly competitive retail environment and cautious consumer spending leading to
increased promotional activity across the sector, has compressed margins in the half year.
The Warehouse Group Chair Dame Joan Withers said while the retail sector remains under
sustained pressure, the Group is taking decisive action to strengthen its position.
“Consumers are facing tough and uncertain economic conditions and demand remains
subdued. Against this backdrop, the team has made real progress – an improving sales
trend, cutting costs and capital expenditure, and focusing on the fundamentals. But clearly
there’s more to do,” says Dame Joan.

1 Operating Profit (“EBIT”) excludes the impact of NZIFRS16 and unusual items and is a non-GAAP measure. For a reconciliation between
Operating Profit and Reported EBIT refer to Slide 32 of the FY25 interim results presentation and Note 3 of the interim financial statements
for the 26 weeks ending 26 January 2025.

2

“Restoring the Group’s financial performance to where it needs to be is what the Board and
management is focused on, and we are starting to see meaningful progress. John and the
team have the right priorities – refreshing our core categories, improving efficiency and
positioning the business for the future. Retail is cyclical, and while we believe we’re at the
bottom of the cycle now, our disciplined approach, positive cash position and liquidity give us
confidence that we will emerge stronger.”
Interim Chief Executive Officer John Journee said the Group’s turnaround plan is delivering
improvements, but market conditions and overcoming legacy challenges continue to impact
progress.
“Group market share
2
held relatively steady in the six months at 15.5% of NZ Core Retail
spend. That is no small feat, and it’s a testament to the hard work of our teams across the
country. Consumers are being cautious with their spending and competition is fierce, but
we’re fighting to make sure Kiwis continue to see value in shopping with us.
“These are our first results under our new strategy, and they reflect a business in transition.
We’re resetting the focus, addressing legacy issues and embedding our brand-led structure
and approach. While it will take time to fully work through, the early signs are promising.
We’re delivering fresher product ranges and sharpening our value proposition. It’s work in
progress, but we’re definitely moving in the right direction,” says Mr Journee.
The Group has maintained strict control over costs, reducing the cost of doing business
(CODB) from 31.7% to 31.3% of sales, with a target of below 31% in the near term. Project
expenditure has also been significantly reduced from $50.2 million in FY24 H1 to $8.9 million
in FY25 H1, ensuring that investment is carefully considered and directed only to the areas
that matter most.
Brand performance

The Warehouse delivered sales of $944.7 million for the half-year, down 2.2% on the prior
year, and after adjusting for store openings and closures, same store sales declined a
modest 0.5% year on year. Operating profit declined to $12.5 million from $38.8 million in
FY24 H1, reflecting a highly competitive and promotional retail environment.
Toys, furniture and audio categories all saw positive sales growth, with our grocery products
maintaining its 26.6% share of total Warehouse sales, at similar levels to FY24. While we
sold more homeware and apparel units, sales revenue was impacted by a strategic intent to
reset our everyday low prices, compounded by increased promotional and clearance activity.
Gross profit margin declined by 210 basis points in a highly competitive market.
Store traffic was flat year on year however, conversion increased 2.1%, indicating stronger
engagement with our offer from shoppers.
“The Red Shed is holding its ground in a competitive market, but further momentum will
come with our upcoming winter and summer ranges as these will increasingly include
product assortments planned and delivered under our new strategy, with sharper pricing and
a clearer customer focus,” says Mr Journee.

2
Group market share is for six months ending January 2025 compared to six months ending January 2024. NZ
Core Retail spend includes retail spend excluding grocery, liquor, travel, fuel, and entertainment spend. TWG
Group excluding three main grocery lines (fresh produce, chilled and frozen, and pantry). Source:
www.dotlovesdata.com (ANZ).

3

Warehouse Stationery reported sales of $109.8 million for the half-year, down 6.8% on the
prior year. Operating profit declined to $2.4 million from $7.7 million in FY24 H1, reflecting
the impact of legacy decisions, gaps in our product offer and weaker demand across key
categories.
Gross profit margin declined by 270 basis points due to increased promotional and
clearance activity. Foot traffic was down 2.2% but sales conversion increased 6.4%.
Noel Leeming delivered sales of $548.9 million for the half-year, up 0.8% on the prior year,
and also represents growth in market share which underscores the brand’s strength in a
competitive market. While store traffic was down 1.7% conversion increased 7.1%,
demonstrating more purposeful shopping.
Growth was driven by strong demand for small appliances, audio and smart home tech, and
gaming products. Gross profit margin held relatively steady, decreasing only 70 basis points.
Operating profit declined to $8.5 million from $14.3 million in FY24 H1, in part impacted by a
higher allocation of group overheads.
"Noel Leeming continues to prove its resilience, growing market share in a challenging and
competitive retail environment.”
A business fighting back

“Our turnaround plan is in full swing and puts us in a position to fight back. The challenge is
overcoming legacy issues, scaling our wins and keeping our offers sharp,” says Mr Journee.
“Kiwis come to The Warehouse for a bargain so low prices remain core to our strategy.
When we get it right, customers take notice. That’s why we’ve lowered prices by more than
8% across 1,300 product lines while buying smarter to protect margins.
“Our new ranges across health & beauty, small appliances, homewares and home decor
have launched strongly. We’re bringing in more trend-led and seasonal products alongside
our everyday essentials to keep our offering exciting. Increased transaction volumes and
units sold show that we’re hitting the right mix of quality, trend and price.”
Customers have responded well to the Kia Kaha apparel collaboration with the Māori
Language Commission, the Basketball NZ partnership and successful in-store campaigns
with Mattel and MCo Beauty.
Reducing our cost of doing business is an important focus with 2.8% reduction achieved so
far this year, including a 12.8% reduction in Support Office costs.
Focused investments in stores are continuing to improve customer experience and make
stores brighter and more inviting. Property initiatives include a relocated Noel Leeming
Blenheim store in February and a new Warehouse Stationery stand-alone store set to open
in central Wellington in the second half.
CEO Appointment Update

The Board is making good progress in its search for a permanent Chief Executive, with a
strong pool of candidates under consideration.
“The Board’s key priority is to secure the right leader with the skills, experience and vision to
build on our momentum and deliver the results our shareholders, customers and team
members expect. In the meantime, John is doing a fantastic job leading the business with a

4

clear focus on executing our Fighting Fit strategy and delivering for customers,” says Dame
Joan.
A further update will be provided in due course.
Dividend

The Board made the difficult but prudent decision not to pay an interim dividend given the
half year results and the current best estimate view of the full year.
Notwithstanding the challenging market conditions, we are committed to growing
shareholder value over the long term and return to paying dividends when commercially
prudent.
Looking ahead

The Group expects economic challenges to persist through 2025, with continued pressure
on household spending. However, early signs of recovery are emerging, and as inflation and
interest rates ease, consumer confidence is expected to improve.
As announced on 3 March 2025, we recognise the ongoing uncertainty around our
performance for the remainder of FY25, largely due to the unpredictable timing of economic
recovery. Based on the Group’s latest earnings update, FY25 H2 EBIT is projected to be
similar to the FY24 H2 EBIT loss of around $14 million.
“We’ve signalled for some time that FY25 would be tough and that remains the case. A year
ago, we were on the back foot but today, we are in far better shape to respond to the
uncertainty ahead. We are not waiting on the economy to turn around its fortunes, our job is
to accelerate the momentum we are building, scaling our wins and ensuring we execute
consistently,” says Mr Journee.

Ends

For media queries please contact:
Lizzie Havercroft
General Manager – Corporate Affairs
+64 27 507 0613
Lizzie.havercroft@twgroup.co.nz

For investor queries please contact:
Julia Belk
Investor Relations Manager
+64 21 240 8997
julia.belk@thewarehouse.co.nz

---

21 March 2025
FY25 Interim Results
26 weeks ending 26 January 2025
Helping Kiwis live better every day

03
05
11
21
28
31
33
2
Chair’s update – Dame Joan Withers
Group update – John Journee
Group financial performance – Mark Stirton
Turnaround update – John Journee
Looking ahead – John Journee
Appendix – Additional information
Glossary
Contents

3
Chair’s update
Dame Joan Withers
Chair

4
Chair update – Half Year in review
•Sales have held up relatively well in a challenging retail environment with
subdued customer spending.
•Against this backdrop, we are making real progress – an improving sales
trend, cutting costs and capital expenditure, and focusing on the
fundamentals.
•We have made excellent progress in reducing cost and capital expenditure.
But there’s more to do.
•Our priorities are refreshing our core categories, improving efficiency and
positioning the business for the future.
•Our disciplined approach, positive cash position and liquidity give us
confidence that we will emerge stronger.
•The Board made the difficult but prudent decision not to pay an interim
dividend given the half year results and the current best estimate of the full
year.
•Notwithstanding the challenging market conditions, we are committed to
growing shareholder value over the long term and return to paying dividends
when commercially prudent.
Our turnaround is starting to gain momentum and building
the foundations for long-term growth.
Sales
$1.6bn
Down 1.6% on FY24 H1
Gross Profit
$521.7m
Gross Profit Margin 32.5%
Down 180bps on FY24 H1
Positive Net
Cash Balance
$19.0m
From net debt of $50.7m at FY24
year end

Group update
John Journee
Interim CEO
5

6
Group update – Half Year in review
•Sales were down 1.6% in the half year – a significant improvement in the
decline in sales we saw last year.
•First quarter saw a decline in sales of 2.5% compared to FY24 Q1 with the
second quarter improving with a decline in sales of 0.9%.
•Encouragingly, following a soft November and December, we have seen
sales growth in January compared to prior year. This has continued into
the first month of H2.
•Gross Profit was down 6.8% with margin decreasing 180bps to 32.5% as
competitive retail environment and soft consumer demand required
resetting of our prices and increased promotional activity.
•We are pleased to report FY25 H1 has seen a reduction of 2.8% in CODB year
on year and down from 31.7% to 31.3% as a percentage of sales.
•Despite strict cost control, this has not been enough to offset the decline in
gross margins, resulting in Operating Profit
1
(“EBIT”, pre-IFRS16) of $19.5m in
the half, compared to $43.0m in FY24 H1.
•While sales decreased 1.6%, Group market share
2
vs NZ Core Retail held
relatively steady year on year at 15.5% as NZ Core Retail spending also
declined.
Group Results
1.Operating Profit (“EBIT”) excludes the impact of NZ IFRS 16 and unusual items and is a non-GAAP measure. For a reconciliation between Operating Profit and Reported EBIT refer to Slide 32
of this presentation and Note 3 of the interim financial statements for the 26 weeks ending 26 January 2025.
2.Group market share is for six months ending January 2025 compared to six months ending January 2024. NZ Core Retail spend includes retail spend excluding grocery, liquor, travel, fuel,
and entertainment spend. TWG Group excluding three main grocery lines (fresh produce, chilled and frozen, and pantry). Source: www.dotlovesdata.com (ANZ).
1,632.7
1,607.2
34.3%
32.5%
0%
5%
10%
15%
20%
25%
30%
35%
0
500
1,000
1,500
2,000
FY24 H1FY25 H1
Continuing Group Sales ($m) and Margin (%)
43.0
19.5
FY24 H1FY25 H1
Continuing Group EBIT ($m)

7
The Warehouse
1.Same store sales excludes online and removes the impact of opening and closing stores year on year.
2.Sales density calculated as total sales (including online) for the 12 months ending January divided by average store square metre for the 12 months ending January.
967.3
895.4
1,013.7
965.6
944.7
FY21 H1FY22 H1FY23 H1FY24 H1FY25 H1
FY25 H1FY24 H1Variance
Sales944.7965.6 -2.2%
Operating Profit (EBIT pre-IRS16)12.538.8 -67.8%
Operating Margin %1.3%4.0%(270)bps
Online sales44.353.5 -17.3%
Online as % of sales4.7%5.5%(80)bps
Number of stores8588(3)
Rolling 12-month Sales density
2
$3,785$3,857 -1.9%
Same store
sales
1

(0.5%)
Basket Value
(2.6%)
Store foot
traffic
Flat
Store traffic sales
conversion
+ 2.1%
•Same store sales
1
down marginally 0.5%.
•Flat store traffic and increased traffic sales conversion.
•Homeware and apparel reset in progress. Sales and
margins declined in FY25 H1 as we reposition offer and clear
older merchandise.
•Toys, FMCG, Beauty, Furniture and Audio all saw pleasing
growth in sales.
•Gross profit % declined 210bps in an increasingly
competitive environment with lower margin categories mix
a meaningful influence.
•CODB decreased 0.4% on prior period.
•Store closures – Milford, Tauranga, Pakuranga.
The Warehouse Sales ($m)

8
Warehouse Stationery
1.Same store sales excludes online and removes the impact of opening and closing stores year on year. Information is for Stand-Alone Warehouse Stationery Stores only and excludes
SWAS stores.
2.Sales density calculated as total sales (including online) for the 12 months ending January divided by average store square metre for the 12 months ending January.
•While foot traffic and basket value decreased YoY, more
purposeful shopping journeys resulted in a 6.4% increase in
traffic sales conversion across our stationery stores.
•Key customer set of 30k Biz Rewards customers continue to
struggle.
•Print and Create centres outperformed with growth of 7.3%
on prior period at strong margin profile.
•Gross profit % declined 270bps, due to increased
promotional and clearance activity, particularly in art,
fashion stationery and print & consumables.
•CODB well controlled, decreasing 3.0% on prior period.
Same store
sales
1

(6.3%)
Store foot
traffic
1

(2.2%)
Store traffic sales
conversion
1

+ 6.4%
Basket Value
1

(10.0%)
136.6
122.0
124.1
117.9
109.8
FY21 H1FY22 H1FY23 H1FY24 H1FY25 H1
Axis Title
FY25 H1FY24 H1Variance
Sales109.8117.9-6.8%
Operating Profit (EBIT pre-IRS16)2.47.7-69.5%
Operating Margin %2.2%6.6%(440)bps
Online sales7.4 9.5 -21.7%
Online as % of sales6.8%8.0%(120)bps
Number of stores6666-
Rolling 12-month Sales density
2
$4,342 $4,605 -5.7%
Warehouse Stationery Sales ($m)

9
Noel Leeming
1.Same store sales excludes online and removes the impact of opening and closing stores year on year. Noel Leeming same store sales excludes NL Commercial.
2.Sales density calculated as total sales (including online) for the 12 months ending January divided by average store square metre for the 12 months ending January.
•Noel Leeming positive sales growth demonstrated its brand
strength and resulted in market share gains.
•Customers shopping missions were more purposeful due to
discretionary nature of merchandise. Foot traffic conversion
up 7.1%.
•Standout categories included small appliances, audio,
smart home tech, and gaming products.
•Gross profit margin held up well in a highly competitive
market, decreasing marginally 70bps, with higher sales in
lower margin categories.
•CODB increased 2.6% in the half due to reallocation of costs
from Group to brands.
Same store
sales
1

(1.8%)
Basket Value
(6.7%)
Store traffic sales
conversion
+ 7.1%
593.2
582.7
556.7
544.4
548.9
FY21 H1FY22 H1FY23 H1FY24 H1FY25 H1
FY25 H1FY24 H1Variance
Sales548.9544.4+0.8%
Operating Profit (EBIT pre-IRS16)8.514.3-40.4%
Operating Margin %1.6%2.6%(100)bps
Online sales58.561.4-4.7%
Online as % of sales10.7%11.3%(60)bps
Number of stores6667(1)
Rolling 12-month Sales density
2
$12,533 $12,870 -2.6%
Store foot
traffic
(1.7%)
Noel Leeming Sales ($m)

10
Our ESG progress
40% of private label sales from products with
sustainable attributes (FY24: 40%).
60% of private label sales from products with
sustainable packaging (FY24: 55%).
Scope 1 and 2 market-based emissions
decreased 33% relative to FY24 H1
1
.
83% stores and sites powered by solar (168
site locations covered by Lodestone Energy
supply arrangements).
Diverted 80% operational waste from landfill
(FY24: 78%).
122 tonnes of post-consumer waste diverted
from landfill (FY24 H1: 137 tonnes).
1.This result should be considered preliminary and has not been subject to
external assurance.

11
Group financial
performance
Mark Stirton
CFO

12
Group financial performance summary
1.All financial results in this presentation are reported on a continuing operations basis (excluding Torpedo7 in FY24 H1)
unless otherwise stated.
2.Cost of Doing Business (CODB) excludes the impact of NZ IFRS 16 , unusual items, and is a non-GAAP measure.
3.Operating Profit excludes the impact of NZ IFRS 16 and unusual items and is a non-GAAP measure. For a
reconciliation between Operating Profit and Reported EBIT refer to Slide 32 of this presentation and Note 3 of the
interim financial statements for the 26 weeks ended 26 January 2025.
4.Adjusted NPAT is from continuing operations before unusual items and is a non-GAAP measure. For a reconciliation
between Adjusted and Statutory NPAT refer to Note 4 of the interim financial statements for the 26 weeks ended 26
January 2025.
5.Reported NPAT is net profit after tax attributable to shareholders (including discontinued operations).
$ million
1
FY25 H1FY24 H1FY25 Var
Sales revenue
1,607.2 1,632.7
-1.6%
Gross Profit
521.7 559.7
-6.8%
Gross Profit Margin %32.5%34.3%(180)bps
Cost of doing business (CODB)
2
502.2 516.7
-2.8%
CODB %31.3%31.7%(40)bps
Operating Profit
3
19.5 43.0
-54.5%
Operating Profit Margin %1.2%2.6%(140)bps
Net Profit After Tax (Adjusted)
4
10.730.7
-65.1%
Reported NPAT
5
11.8(23.7)+149.8%
•Group sales $1.6 billion down 1.6% on prior period -
a resilient performance in a challenging retail
trading environment and implementing a
turnaround.
•Gross Profit Margin declined 180 bps. For The
Warehouse this was due to the strategic intent to
reset our everyday low prices. This was further
impacted by increased promotional activity and a
higher mix of lower margin categories.
•Strict cost control saw CODB pleasingly reduce
2.8% and decreased to 31.3% of sales.
•The combination of lower sales and lower gross
profit margin saw Operating Profit decline 54.5% to
$19.5 million.

13
Quarterly Sales Summary
$millionFY25 Q1Q1 VarFY25 Q2Q2 VarFY25 H1H1 Var
H1 Same
store sales
1
The Warehouse386.3 -2.0%558.4 -2.3%944.7 -2.2%-0.5%
Warehouse
Stationery
50.9 -6.8%58.9-7.0%109.8 -6.8%-6.3%
Noel Leeming229.1 -2.1%319.8 +3.1%548.9 +0.8%-1.8%
Group Sales668.0 -2.5%939.2 -0.9%1,607.2 -1.6%-1.1%
58.8%
6.8%
34.2%
0.2%
Contribution of sales by brand
The WarehouseWarehouse Stationery
Noel LeemingOther
•Group same store sales decreased
1.1%. The Warehouse same store sales
marginally down 0.5%.
•Total store sqm decreased 3.1%. The
Warehouse mostly effected by store
movements.
•Group weighted average retail selling
price decreased 4.9%.
•Number of units sold increased 3.9%.
0.1%
-3.6%-3.6%
-2.5%
4.5%
Aug-24Sep-24Oct-24Nov/Dec-24Jan-25
Group Monthly Sales Growth
Nov/Dec
grouped
together
due to the
timing of
Black Friday
$1,607.2m
1.Same store sales excludes online and removes the impact of opening and closing stores year on year. Noel Leeming same store sales excludes NL Commercial.

14
Gross profit
FY25 H1 margins impacts
•Resetting our Everyday Low Price (EDLP) pricing in
The Warehouse and Warehouse Stationery.
•Strong performance from lower margin categories
in The Warehouse diluted home and apparel which
are in recovery state.
•Highly promotional environment due to economy.
•Clearance activity to manage sell through and free
up inventory capacity for new products.
•Brand contribution:
•Noel Leeming margins broadly held.
•The Warehouse and Warehouse Stationery
margins compressed.
(140)
bps
(180)
bps
34.2%
34.4%
34.3%
32.8%
32.2%
32.5%
Q1Q2H1
FY24FY25
(220)
bps
Gross Profit Margin %

15
Cost of doing business
1.Cost of Doing Business (CODB) excludes the impact of NZIFRS16, unusual items, and is a non-GAAP measure.
2.Software as a Service.
CODB
1
by category ($m)
265.4
265.6
151.5
140.3
64.8
65.1
35.0
31.2
516.7
502.2
31.7%
31.3%
0%
5%
10%
15%
20%
25%
30%
35%
0
100
200
300
400
500
600
700
FY24 H1FY25 H1
Employee Exp.Other Exp.Lease Exp.
Depn & Amort Exp.CODB as % of sales
Strict cost control
•CODB reduced by 2.8% to 31.3% of sales. We continue to
target cost reduction initiatives with CODB to be less than
31% in the near term.
•Employee costs flat year on year (despite wage rate
increases) achieved through re-organisation and
vacancy management.
•Strong control of lease expenses.
•Other expenses decreased 7.4% driven by savings,
particularly in lower IT and SaaS
2
spend and travel.
Payment commission costs increased as customers shift
to “Buy now pay later” payment options – excluding
these costs, other expenses decreased 9.5%.
•Depreciation decreased 11.0% through reduced capital
allocation.
•Store Support Office costs decreased 12.8% on the prior
period.

16
Operating profit
1.Operating Profit excludes the impact of NZ IFRS 16 and unusual items and is a non-GAAP measure. For a reconciliation between Operating Profit and Reported EBIT
refer to Slide 32 of this presentation and Note 3 of the interim financial statements for the 26 weeks ending 26 January 2025.
2.TheMarket.com ceased operations in July 2024.
3.Other group operations include a property company, a chocolate factory and the residual cost of unallocated support office functions.
12.5
2.4
8.5
-3.9
19.5
FY25 H1 Operating Profit
1
($m)
Other
3
Operating Profit Contribution ($m)
TOTAL
GROUP
Operating
Profit Margin
1.3%2.2%1.6%-1.2%
Brand Sales
as % of total
Group
58.8%6.8%34.2%0.2%100.0%
Brand
Operating
Profit as % of
total Group
63.9%12.1%43.6%(19.6%)100.0%
FY25 H1FY24 H1Variance %
The Warehouse12.5 38.8 -67.8%
Warehouse Stationery2.4 7.7 -69.5%
Noel Leeming8.5 14.3 -40.4%
The Market
2
-(5.3)-100.0%
Other
3
(3.9)(12.5)-69.5%
Total Group19.5 43.0 -54.5%
•Negative leverage experienced across the three retail
brands despite concerted CODB savings ahead of
sales.
•Other Operating Loss reduced due to $5.7 million of
costs to now allocated to brands and a further $2.0
million group overhead cost savings.

•Positive Working Capital generation for the half despite
higher than targeted inventory balances (Ref slide 18).
•Positive net cash balance of $19.0 million
1
at FY25 H1.
•Committed bank facilities of $450.0 million, and net cash
position of $19.0 million, provides total liquidity of $469.0
million as at January 2025.
•Debt covenant measurement criteria met.

17
Balance sheet
$ million
FY25 H1
as at Jan-2025
% Var to
FY24 Year End
Current assets
690.6 16.9%
Non-current assets
1,012.5 -4.8
Total Assets
1,703.1 2.9%
Current liabilities
737.97.4%
Non-current liabilities
642.5-2.2%
Total Liabilities
1,380.4 2.7%
NET ASSETS
322.7 3.9%
TOTAL EQUITY
322.7 3.9%
Net Cash/(Debt)
19.0 137.4%
Available liquidity
469.0 11.8%
(18.7)
(50.7)
19.0
FY24 H1FY24 YEFY25 H1
Net (debt)/cash ($m)
1.Comprises cash balance of $44.3 million less drawn borrowings to $25.3 million.

18
Inventory
Inventory ($m)
492.7
472.1
533.3
FY24 H1FY24 YEFY25 H1
Inventory by brandFY25 H1FY24 H1Variance
The Warehouse and Warehouse Stationery
Inventory389.7350.811.1%
Stockturn3.763.84-2.1%
Noel Leeming
Inventory139.7139.00.5%
Stockturn5.626.14-8.5%
•GMROI
1
at 192% generating consistent return on inventory.
•Inventory up 13.0% from FY24 year end.
•Total Group Aged inventory
2
at 14.9%, down from 15.8% at
FY24 H1.
•Strong focus on inventory management.
•Finished goods inventory increased 17.0% from FY24 YE,
offset by lower goods in transit, down 15.8%, as we
manage our forward inventory position to year end.
•Strong sell through in new product in key apparel and
home categories.
1.Gross Margin Return on Inventory (“GMROI”) calculated as rolling 12-month gross profit on
average opening and closing inventory at cost (including provisions and goods in transit).
2.Aged inventory is defined as stock over six months old.

19
Cash Flow and Working Capital
1.Cash conversion calculated as Operating cash flow / EBITDA for the half year ending 26 January 2025 (including continuing and discontinued operations in FY24 H1).
2.Free cash flow yield calculated as Operating cash flow less capital expenditure over market capitalisation at 26 January 2025.
3.Working capital includes inventory, trade receivables, trade payables (including fair value hedging) and provisions.
-50.7
122.9
-5.0
-47.8
-0.4
19.0
FY24 YE
Operating CF
Capex
Lease payments
Minority Interest
FY25 H1
•Operating cash flow generation of $122.9 million aided
by positive working capital generation.
•Actively pursuing increased stock turn to improve
cash flow.
•Cash conversion
1
improved to 106.1% (FY24 H1: 98.4%).
•Free cash flow yield
2
has increased to 33.3%
(FY24 H1: 17.4%).
Cash Flow Bridge ($m)
47.0
61.2
19.1
-115.5
2.614.4
FY24 YEInventoryReceivablesPayablesProvisionsFY25 H1
Movement in Working Capital ($m)

20
Project expenditure
Project Expenditure
1
curtailed 82% with a number of major
projects completed and tighter capital allocation
framework. FY25 H1 project expenditure of $8.9 million
compared to $50.2 million in FY24 H1.
Major projects previously in flight materially completed
and in stabilisation phase resulting in material decline YoY.
Project spend guidance for FY25 is now expected to be
between $23 million - $28 million (Prev. $32m - $39m)
Project Expenditure ($ million)FY25 H1FY24 H1
Core Systems4.0 22.5
Other Information Systems2.8 8.9
Store Development0.4 5.9
Digital-2.0
Supply chain-1.8
Other (Store ops and property)1.7 9.1
Total Project Spend8.9 50.2
1.Total project expenditure includes capital expenditure, prepayments, SaaS expenditure and project operating
expenditure. Other expenditure includes discontinued operations in FY24 H1.

21
Turnaround update
John Journee
Interim CEO

22
Our turnaround is gaining momentum
Fighting Fit
Deliver
Everyday Low
Prices with the
right range of
products
Be an Everyday
Low-Cost
retailer
Win key family
shopping
missions &
moments
Actively
engage with
our Customers
& Communities
Strategies to win

23
Deliver Everyday Low
Prices with the right
range of products
•Lowered prices by an average 8.8%
1
on 1,300
product lines, while buying smarter to protect
margins.
•Launched new on-trend products, brands, and
ranges, focused on apparel, home, and health &
beauty.
•These ranges are driving stronger customer
engagement, increased transaction volumes
and units sold.
1.Reduction in full everyday low price, excludes clearance and promotional prices.

24
Win key family
shopping missions &
moments
•Targeted investments in stores are improving
customer experience, making stores brighter
and more colourful with lighting and displays.
•Successful introduction of a 'Beauty Zone'
concept in selected stores with more stores
planned for H2.
•Opened new Noel Leeming Blenheim store in
February and a new Warehouse Stationery store
is set to open in central Wellington.
•Sales are showing an improving trend -
evidence that the right product and pricing mix
and experience is resonating.

25
•Implemented strict cost controls across the
business and engaged all team members in a
cost-saving drive.
•Cost of Doing Business has been cut by 2.8%,
from 31.7% to 31.3% of sales, with a target of
below 31% in the near term.
•Reduced Store Support Office costs by 12.8%.
•Project expenditure reduced to $8.9 million this
year ensuring investment is more considered.
Be an Everyday
Low-Cost
retailer

26
Actively engage with
our Customers &
Communities
•We are strengthening our brand relevance and
seeing our customers respond well to our recent
brand collaborations and in-store activations.
•These include our expanded Kia Kaha apparel
range created with the Māori Language
Commission, our new and first Basketball NZ
range, in-store MCo Beauty activations, and our
partnership with Mattel celebrating Barbie.
•Customers continue to engage with our in-store
e-waste, ink and toner, and soft-plastics
recycling initiatives, and we are increasing
efforts to deliver positive community impact
through our 'Red Bag' giving.

27
New Zealand reach
85 stores
Sqm: 460,229
66 stores
Sqm: 80,233
66 stores
Sqm: 51,524
Including 41 SWAS
Strong community reach and local
presence – 85% of Kiwis live within
20 minutes of a store
Online and app offering – The
Warehouse app consistently ranked
in the Top 10 shopping apps used in
NZ
1
, with positive app NPS of 76
Employer of ~10,000 New Zealanders
Customer satisfaction
2
NPS 81pts (up from 80pts)
PST 76% (up from 75%)
1.Source: Data.ai
2.Group Net Promoter Score (NPS) and Perfect Shopping Trip (PST) metrics calculated as weighted average across The Warehouse, Warehouse
Stationery and Noel Leeming.

28
Looking ahead
John Journee
Interim CEO
28

29
In the year ahead
•Significant uncertainty around the broader economic
recovery and the Group’s FY25 H2 performance remains.
•At this stage, the Group expects FY25 H2 EBIT will be
broadly in line with FY24 H2 EBIT loss of circa $14 million.
•Our turnaround is gaining momentum and we’re in better
shape to respond to the uncertainty ahead.
•We remain intently focused on driving improved
performance while maintaining financial discipline and
keeping costs and capital expenditure under control.
•The Group expects the economy to recover towards the
end of calendar year 2025 as lower inflation and interest
rates take effect.
•We aren’t relying on an economic recovery to fix our
business. The turnaround is in our hands.
•Our focus remains on improving performance, driving
long-term profitability and returning value to shareholders.
•The Group will share a FY25 Q3 Trading Update on
Thursday 8
th
May and full year FY25 annual results on
Thursday 2
nd
October.

Thank you
Helping Kiwis live better every day

31
Appendix
Additional information

32
EBIT and NPAT reconciliation
1.Reported NPAT and Adjusted NPAT are attributable to shareholders of the parent. Operating Profit excludes the impact of NZ IFRS 16 and unusual items and is a non-GAAP measure. Refer to
Note 3 and Note 4 of the interim financial statements for the 26 weeks ended 26 January 2025.
2.Refer to Note 3 of the interim financial statements for the 26 weeks ending 26 January 2025 for further details on the NZ IFRS 16 adjustment.
3.Adjusted NPAT is from continuing operations before unusual items and is a non-GAAP measure. Refer to Note 4 of the interim financial statements for the 26 weeks ended 26 January 2025.
Operating ProfitNPAT
$ millionFY25 H1FY24 H1FY25 H1FY24 H1
Reported NPAT
11.8
(23.7)
Loss from discontinued
operations (net of tax)
-
55.5
Reported profit from
continuing operations
1
38.9 62.8 11.8 31.8
Adjustments for NZIFRS 16
2
(19.4)(19.8)(1.1)(1.1)
Adjusted profit from
continuing operations
3
19.5 43.0 10.7 30.7
For 26 weeks ended 26 January 2025
31.8
-25.5
-12.4
14.5
-4.6
8.0 11.8
FY25 H1 NPAT from continuing operations –
movement from FY24 H1

33
Glossary
TermDefinition
C&CClick & Collect
CODBCost of Doing Business
COGSCost of Goods Sold
DCDistribution Centre
EDLPEvery Day Low Price
ELSExecutive Leadership Squad
eNPSEmployee Net Promotor Score
ERPFIEnterprise Resource Planning - Finance and Inventory
FCFulfilment Centre
GOMSGroup Order Management System
NLNoel Leeming
SaaSSoftware as a Service
SSOStore Support Office
SSSSame Store Sales
SWASStore-Within-a-Store (Warehouse Stationery)
TWLThe Warehouse Limited
WMSWarehouse Management System
WSWarehouse Stationery

34
Disclaimer
This presentation may contain forward looking statements and
projections. There can be no certainty of the outcome and
projections involve known and unknown risks, uncertainties,
assumptions and other important factors that could cause the
actual outcomes to be materially different from the events or
results expressed or implied by such statements and
projections.
While all reasonable care has been taken in the preparation of
this presentation, The Warehouse Group Limited does not make
any representation, assurance or guarantees as to the accuracy
or completeness of any information in this presentation. The
forward-looking statements and projections in this report reflect
views held at the date of this presentation.
Except as required by applicable law or any applicable Listing
Rules, the Relevant Persons disclaim any obligation or
undertaking to update any information in this presentation.
A number of non-GAAP financial measures are used in this
presentation. You should not consider any of these in isolation
from, or as a substitute for, the information provided in the
financial statements for the 26 weeks ending 26 January 2025,
which are available at www.thewarehousegroup.co.nz.
This presentation does not constitute investment advice, or an
inducement, recommendation or offer to buy or sell any
securities in The Warehouse Group Limited.

---

For and on behalf of the Board
Joan WithersDean Hamilton
ChairChair of the Audit and Risk Committee
20 March 2025
The Warehouse Group Limited
For the 26 weeks ended 26 January 2025
Interim Financial Statements

Consolidated Income Statement
Unaudited Unaudited Audited
26 Weeks 26 Weeks 52 Weeks
Ended Ended Ended
26 January 28 January 28 July
Note
2025 2024 2024
$ 000 $ 000 $ 000
Continuing operations
Retail sales
3
1,607,207 1,632,746 3,037,597
Cost of retail goods sold(1,085,460)(1,073,023)(2,016,731)
Gross profit
521,747 559,723 1,020,866
Other income7,744 2,499 7,943
Employee expense(265,580)(265,386)(512,146)
Depreciation and amortisation expense(77,041)(80,054)(158,558)
Other operating expense(148,004)(153,980)(290,284)
Operating profit from continuing operations
3
38,866 62,802 67,821
Unusual items
4
- - (8,883)
Earnings before interest and tax from continuing operations
38,866 62,802 58,938
Interest on leases
12
(17,858)(18,249)(36,527)
Other net interest(4,124)436 (1,850)
Profit before tax from continuing operations
16,884 44,989 20,561
Income tax expense(4,894)(12,933)(14,021)
Net profit for the period from continuing operations
11,990 32,056 6,540
Discontinued operations
Loss from discontinued operations (net of tax)
17
- (55,506)(60,304)
Net profit/(loss) for the period
11,990 (23,450)(53,764)
Attributable to:
Shareholders of the parent11,791 (23,659)(54,181)
Minority interests199 209 417
11,990 (23,450)(53,764)
Profit/(loss) attributable to shareholders of the parent relates to:
Profit from continuing operations11,791 31,847 6,123
Loss from discontinued operations- (55,506)(60,304)
11,791 (23,659)(54,181)
Basic and diluted earnings per share attributable to shareholders of the parent:
Basic and diluted earnings per share3.4 cents (6.9) cents(15.7) cents
Basic and diluted earnings per share from continuing operations3.4 cents 9.2 cents 1.8 cents
Basic and diluted earnings per share from discontinued operations- (16.1) cents(17.5) cents
Consolidated Statement of Comprehensive Income
Unaudited Unaudited Audited
26 Weeks 26 Weeks 52 Weeks
Ended Ended Ended
26 January 28 January 28 July
2025 2024 2024
$ 000 $ 000 $ 000
Net profit/(loss) for the period
11,990 (23,450)(53,764)
Items that may be reclassified subsequently to the income statement
Movement in foreign currency translation reserve200 60 247
Movement in hedge reserves (net of tax)176 396 7,128
Total comprehensive income/(loss) for the period
12,366 (22,994)(46,389)
Attributable to:
Shareholders of the parent12,167 (23,203)(46,806)
Minority interest199 209 417
Total comprehensive income/(loss)
12,366 (22,994)(46,389)
2

Consolidated Balance Sheet
Unaudited Unaudited Audited
As at As at As at
26 January 28 January 28 July
Note
2025 2024 2024
ASSETS
$ 000 $ 000 $ 000
Current assets
Cash and cash equivalents
13
44,322 38,557 32,204
Trade and other receivables
6
94,001 88,288 72,901
Inventory
5
533,292 492,680 472,128
Derivative financial instruments
14
16,610 4,401 10,786
Taxation receivable2,321 9,243 2,779
690,546 633,169 590,798
Assets held for sale
19
- 25,713 -
Total current assets
690,546 658,882 590,798
Non current assets
Trade and other receivables
6
24,348 27,745 26,321
Property, plant and equipment
9
168,631 205,802 187,208
Intangible assets
10
150,225 165,921 159,112
Right of use assets
11
583,433 617,209 601,610
Deferred taxation85,896 99,400 89,824
Total non current assets
1,012,533 1,116,077 1,064,075
Total assets
1,703,079 1,774,959 1,654,873
LIABILITIES
Current liabilities
Borrowings
13
25,350 57,300 82,900
Trade and other payables
7
577,005 511,414 461,453
Derivative financial instruments
14
1,133 3,022 78
Lease liabilities
12
94,470 89,981 100,098
Provisions
8
39,924 42,706 42,553
737,882 704,423 687,082
Liabilities connected to assets held for sale
18
- 29,765 -
Total current liabilities
737,882 734,188 687,082
Non current liabilities
Lease liabilities
12
622,166 665,039 636,714
Provisions
8
20,326 22,974 20,342
Total non current liabilities
642,492 688,013 657,056
Total liabilities
1,380,374 1,422,201 1,344,138
Net assets
322,705 352,758 310,735
EQUITY
Contributed equity360,235 360,235 360,235
Reserves6,957 1,017 6,581
Retained earnings(45,474)(9,470)(57,265)
Total equity attributable to shareholders
321,718 351,782 309,551
Minority interest987 976 1,184
Total equity
322,705 352,758 310,735
3

Consolidated Statement of Cash Flows
Unaudited Unaudited Audited
26 Weeks 26 Weeks 52 Weeks
Ended Ended Ended
26 January 28 January 28 July
Note
2025 2024 2024
Cash flows from operating activities
$ 000 $ 000 $ 000
Cash received from customers1,600,303 1,700,688 3,137,910
Payments to suppliers and employees(1,454,621)(1,530,396)(2,911,346)
Income tax paid(576)(10,364)(4,582)
Income tax refunded- - 7,995
Interest paid (includes interest on lease liabilities)(22,181)(22,449)(44,107)
Net cash flows from operating activities
122,925 137,479 185,870
Cash flows from investing activities
Proceeds from sale of property, plant and equipment32 150 355
Purchase of property, plant, equipment and computer software(5,088)(28,731)(39,284)
Torpedo7 disposal costs- - (4,720)
Net cash flows from investing activities
(5,056)(28,581)(43,649)
Cash flows from financing activities
Proceeds/(repayments) from borrowings(57,550)(19,100)6,500
Lease principal repayments(47,805)(51,594)(99,532)
Treasury stock dividends received - 111 180
Dividends paid to parent shareholders- (27,905)(45,312)
Dividends paid to minority shareholders(396)(183)(183)
Net cash flows from financing activities
(105,751)(98,671)(138,347)
Net cash flow12,118 10,227 3,874
Opening cash position32,204 28,330 28,330
Closing cash position
44,322 38,557 32,204
Reconciliation of Operating Cash Flows
Profit/(loss) after tax
11,990 (23,450)(53,764)
Non cash items
Depreciation and amortisation expense - continuing operations77,041 80,054 158,558
Depreciation and amortisation expense - discontinued operations
17
- 5,423 5,423
Right of use asset impairment
11
- 619 -
Share based payment expense- 551 (804)
Torpedo7 asset impairment
19
- 59,497 -
Movement in deferred tax3,860 (11,064)(4,119)
Total non cash items
80,901 135,080 159,058
Items classified as investing or financing activities
Loss on disposal of property, plant and equipment47 583 4,027
Loss on disposal of Torpedo7 assets
18
- - 60,547
Gain on lease terminations
3
- (33)(160)
Supplementary dividend tax credit- 158 223
Total investing and financing adjustments
47 708 64,637
Changes in assets and liabilities
Trade and other receivables(19,127)(22,336)(3,567)
Inventory(61,164)(46,048)(28,034)
Trade and other payables112,465 102,098 54,083
Provisions(2,645)(6,017)(8,802)
Income tax458 (4,205)2,259
Assets held for sale- (3,886)-
Liabilities connected to assets held for sale- 5,535 -
Total changes in assets and liabilities
29,987 25,141 15,939
Net cash flows from operating activities
122,925 137,479 185,870
4

Consolidated Statement of Changes in Equity
Foreign Employee
Currency Share
Share Treasury Hedge Translation BenefitsRetained Minority Total
(Unaudited)
Capital Stock Reserves Reserve Reserve Earnings Interest Equity
For the 26 weeks ended 26 January 2025
$ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000
Balance at the beginning of the period365,517 (5,282)6,361 220 - (57,265)1,184 310,735
Profit for the half year- - - - - 11,791 199 11,990
Movement in foreign currency translation reserve- - - 200 - - - 200
Movement in derivative cash flow hedges- - 245 - - - - 245
Tax related to movement in hedge reserve- - (69)- - - - (69)
Total comprehensive income- - 176 200 - 11,791 199 12,366
Dividends paid- - - - - - (396)(396)
Balance at the end of the period365,517 (5,282)6,537 420 - (45,474)987 322,705
Foreign Employee
Currency Share
Share Treasury Hedge Translation BenefitsRetained Minority Total
(Unaudited)
Capital Stock Reserves Reserve Reserve Earnings Interest Equity
For the 26 weeks ended 28 January 2024
$ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000
Balance at the beginning of the period365,517 (5,282)(767)(27)804 41,825 950 403,020
Profit/(loss) for the half year- - - - - (23,659)209 (23,450)
Movement in foreign currency translation reserve- - - 60 - - - 60
Movement in derivative cash flow hedges- - 550 - - - - 550
Tax related to movement in hedge reserve- - (154)- - - - (154)
Total comprehensive income- - 396 60 - (23,659)209 (22,994)
Share rights charged to the income statement- - - - 551 - - 551
Dividends paid- - - - - (27,747)(183)(27,930)
Treasury stock dividends received- - - - - 111 - 111
Balance at the end of the period365,517 (5,282)(371)33 1,355 (9,470)976 352,758
Foreign Employee
Currency Share
Share Treasury Hedge Translation BenefitsRetained Minority Total
(Audited)
Capital Stock Reserves Reserve Reserve Earnings Interest Equity
For the 52 weeks ended 28 July 2024
$ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000
Balance at the beginning of the period365,517 (5,282)(767)(27)804 41,825 950 403,020
Profit/(loss) for the year- - - - - (54,181)417 (53,764)
Movement in foreign currency translation reserve- - - 247 - - - 247
Movement in derivative cash flow hedges- - 9,900 - - - - 9,900
Tax related to movement in hedge reserve- - (2,772)- - - - (2,772)
Total comprehensive income- - 7,128 247 - (54,181)417 (46,389)
Share rights charged to the income statement- - - - (804)- - (804)
Dividends paid- - - - - (45,089)(183)(45,272)
Treasury stock dividends received- - - - - 180 - 180
Balance at the end of the period365,517 (5,282)6,361 220 - (57,265)1,184 310,735
5

Notes to the Interim Financial Statements
1. GENERAL INFORMATION
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES
The interim financial statements of the Group have been prepared in accordance with Generally Accepted Accounting Practice inNew Zealand
(GAAP). They comply with New Zealand Equivalent to the International Accounting Standard 34 Interim Financial Reporting(NZIAS 34) and
International Accounting Standard 34 Interim Financial Reporting(IAS 34) and consequently, do not include all the information required for full
financial statements. These Group interim financial statements should be read in conjunction with the annual report for the 52 weeks ended 28 July
2024.
These interim financial statements have been prepared under the historical cost convention except for the revaluation of certainfinancial
instruments (including derivative instruments). The reporting currency used in the preparation of the interim financial statements is New Zealand
dollars, rounded to the nearest thousands unless otherwise stated.
Accounting standards
The material accounting policy information and other explanatory informationapplied in the preparation of these interim financial statements have
been applied on a consistent basis with those used in the audited financial statements for the 52 weeks ended 28 July 2024.
There were no new accounting standards, amended standards or interpretations that became effective during the reporting period that have had a
material impact on the Group’s interim financial statements.
Non-GAAP financial information
The Group uses operating profit, earnings before tax and interest, unusual items and adjusted net profit to describe financial performance as it
considers these line items provide a better measure of underlying business performance. These non-GAAP measures are not preparedin
accordance with New Zealand Equivalent to International Financial Reporting Standards (NZ IFRS) and may not be comparable to similarly titled
amounts reported by other companies. The Group’s policy regarding unusual items and adjusted net profit are detailed in note 4.
Critical accounting judgements, estimates and assumptions
The preparation of the interim financial statements requires the Group to make judgements, estimates and assumptions that affectthe reported
amounts of assets and liabilities at balance date and the reported amounts of revenues and expenses during the half year. Thesame material
judgements, estimates and assumptions that are summarised in the audited financial statements for the 52 weeks ended 28 July 2024 were again
applied in the preparation of these interim financial statements.
Approval of interim financial statements
These consolidated interim financial statements were approved for issue by the Board of Directors on 20 March 2025. Unless as otherwise stated,
the interim financial statements have been reviewed by our Auditors, but are not audited.
The Warehouse Group Limited (the Company) and its subsidiaries (together the Group) trade in the New Zealand retail sector. The Company is a
limited liability company incorporated and domiciled in New Zealand. The Group is registered under the Companies Act 1993 andisan FMC
Reporting Entity under Part 7 of the Financial Markets Conduct Act (FMCA) 2013. The address of its registered office is Level4,4 Graham Street,
PO Box 2219, Auckland. The Company is listed on the New Zealand Stock Exchange (NZX).
6

Notes to the Interim Financial Statements - continued
3. SEGMENT INFORMATION
(Unaudited)(Unaudited)(Audited)(Unaudited)(Unaudited)(Audited)
26 Weeks 26 Weeks 52 Weeks 26 Weeks 26 Weeks 52 Weeks
Ended Ended Ended Ended Ended Ended
26 January 28 January 28 July 26 January 28 January 28 July
Note
2025 2024 2024 2025 2024 2024
$ 000 $ 000 $ 000 $ 000 $ 000 $ 000
The Warehouse944,743 965,630 1,792,254 12,490 38,795 17,672
Warehouse Stationery 109,848 117,925 231,907 2,364 7,746 12,886
TheMarket.com- 2,476 4,061 - (5,288)(8,513)
Warehouse
1,054,591 1,086,031 2,028,222 14,854 41,253 22,045
Noel Leeming 548,943 544,424 1,005,217 8,516 14,290 17,342
Other Group operations
1
6,565 6,030 11,164 (3,837)(12,569)(10,453)
Inter-segment eliminations(2,892)(3,739)(7,006)
Group
1,607,207 1,632,746 3,037,597 19,533 42,974 28,934
Adjustment for NZ IFRS 16 (Leases)19,333 19,828 38,887
Operating profit from continuing operations
38,866 62,802 67,821
Unusual items
4
- - (8,883)
Earnings before interest and tax from continuing operations
38,866 62,802 58,938
Operating margin
The Warehouse (%)1.3 4.0 1.0
Warehouse Stationery (%)2.2 6.6 5.6
Noel Leeming (%)1.6 2.6 1.7
Total Retail Group (%)
1.2 2.6 1.0
(Unaudited)(Unaudited)(Audited)
As at As at As at
26 January 28 January 28 July
Note
2025 2024 2024
$ 000 $ 000 $ 000
Pre NZ IFRS 16 rent expense65,139 64,770 129,060
Right of use asset amortisation(45,806)(44,975)(90,333)
Gain on lease terminations- 33 160
Impact on operating profit from continuing operations
19,333 19,828 38,887
Lease liability interest
12
(17,858)(18,249)(36,527)
Impact on profit before tax from continuing operations
4
1,475 1,579 2,360
Operating performance
REVENUEOPERATING PROFIT
Adjustment for NZ IFRS 16 (Leases)
Operating segments
The Group has three retail brands trading in the New Zealand retail sector. These brands form the basis of internal reportingused by senior
management and the Board of Directors to monitor and assess performance and assist with strategy decisions. Brand trading performance is
assessed using operating profit, which is a non-GAAP measure that excludes the impacts of NZ IFRS 16 Leases, and is considered a better measure
of underlying brand performance. Assets are not allocated to operating segments and the balance sheet is managed and internally reported on a
consolidated basis to the senior management and the Board of Directors.
Customers can purchase product from the three main retail chains either online or through the Group’s physical retail store network. At period end the
Group’s physical store network consists of 85 The Warehouse stores, 66 Warehouse Stationery stores (including 41 stores trading within The
Warehouse stores), and 66 Noel Leeming stores. The Warehouse predominantly sells general merchandise and apparel, Noel Leeming sells
technology and appliance products and Warehouse Stationery sells stationery products.
Other Group operations include a property company, a chocolate factory and the residual cost of unallocated support office functions.
Footnote:
1) The Group changed the method used to allocate corporate costs to brands from the previous half year, resulting in additional costs of $5.7 million
being allocated from 'Other Group operations' to the three retail brands.
7

Notes to the Interim Financial Statements - continued
4. ADJUSTED NET PROFIT
(Unaudited)(Unaudited)(Audited)
26 Weeks 26 Weeks 52 Weeks
Ended Ended Ended
26 January 28 January 28 July
Note
2025 2024 2024
$ 000 $ 000 $ 000
Net profit from continuing operations attributable to shareholders of the parent
11,791 31,847 6,123
Add back: Unusual items
Restructuring costs- - 8,883
Unusual items before taxation from continuing operations
- - 8,883
Adjustment for NZ IFRS 16 (Leases)
3
(1,475)(1,579)(2,360)
Income tax relating to above items413 442 (1,826)
Income tax effect of removing ability to claim tax deductions for building depreciation- - 8,046
Adjusted net profit from continuing operations attributable to shareholders of the parent
10,729 30,710 18,866
5. INVENTORY
(Unaudited)(Unaudited)(Audited)
As at As at As at
26 January 28 January 28 July
2025 2024 2024
$ 000 $ 000 $ 000
Finished goods501,213 439,540 428,340
Inventory provisions(15,985)(13,359)(13,276)
Retail stock
485,228 426,181 415,064
Goods in transit from overseas48,064 66,499 57,064
Inventory
533,292 492,680 472,128
6. TRADE AND OTHER RECEIVABLES
(Unaudited)(Unaudited)(Audited)
As at As at As at
26 January 28 January 28 July
2025 2024 2024
$ 000 $ 000 $ 000
Trade receivables39,114 39,774 35,014
Prepayments50,695 49,823 44,679
Rebate accruals and other debtors28,540 26,436 19,529
Total trade and other receivables118,349 116,033 99,222
Less non current prepayments(24,348)(27,745)(26,321)
Current trade and other receivables94,001 88,288 72,901
Inventory
Trade and other receivables
Adjusted net profit reconciliation
Certain transactions can make the comparison of profits between years difficult. The Group uses adjusted net profit as a key indicator of
performance and considers it a better measure of underlying business performance. Adjusted net profit makes allowance for theafter tax effect of
unusual items which are not directly connected with the Group’s normal trading activities. The Group defines unusual items asany gains or losses
from property disposals, goodwill and brand impairment, costs relating to business acquisitions or disposals, ineffective hedge derivatives and
costs connected with restructuring the Group. Following the adoption of NZ IFRS 16 the non-cash impact relating to the lease accounting standard
are also excluded from adjusted net profit.
The Group
8

Notes to the Interim Financial Statements - continued
7. TRADE AND OTHER PAYABLES
(Unaudited)(Unaudited)(Audited)
As at As at As at
26 January 28 January 28 July
Note
2025 2024 2024
$ 000 $ 000 $ 000
Local trade creditors and accruals347,226 318,134 290,608
Foreign currency trade creditors119,154 101,932 88,423
Goods in transit creditors21,026 26,975 17,069
Goods and services tax55,939 18,715 28,395
Reward schemes and gift vouchers15,905 23,305 17,991
Payroll accruals17,755 22,353 18,967
577,005 511,414 461,453
Liabilities connected to assets held for sale
18
- 5,535 -
Total trade and other payables
577,005 516,949 461,453
8. PROVISIONS
(Unaudited)(Unaudited)(Audited)
As at As at As at
26 January 28 January 28 July
2025 2024 2024
$ 000 $ 000 $ 000
Current liabilities39,924 42,706 42,553
Non current liabilities20,326 22,974 20,342
Total provisions
60,250 65,680 62,895
Provisions consist of:
Employee entitlements48,688 53,108 51,749
Make good provision7,600 8,032 7,373
Sales returns provision3,962 4,540 3,773
Total provisions
60,250 65,680 62,895
9. PROPERTY, PLANT, EQUIPMENT AND COMPUTER SOFTWARE
(Unaudited)(Unaudited)(Audited)
As at As at As at
26 January 28 January 28 July
Note
2025 2024 2024
$ 000 $ 000 $ 000
Property, plant and equipment168,631 205,802 187,208
Computer software
10
77,269 92,965 86,156
Carrying amount
245,900 298,767 273,364
Movement in property, plant, equipment and computer software
Carrying amount at the beginning of the period273,364 317,572 317,572
Capital expenditure3,851 27,813 39,018
Depreciation and amortisation - continuing operations(31,235)(35,079)(68,225)
Depreciation and amortisation - discontinued operations- (1,311)(1,311)
Classified as held for sale
18
- (9,497)-
Disposals(80)(731)(13,690)
Carrying amount at the end of the period
245,900 298,767 273,364
10. INTANGIBLE ASSETS
(Unaudited)(Unaudited)(Audited)
As at As at As at
26 January 28 January 28 July
Note
2025 2024 2024
$ 000 $ 000 $ 000
Computer software
9
77,269 92,965 86,156
Brands15,500 15,500 15,500
Goodwill57,456 57,456 57,456
Net book value
150,225 165,921 159,112
Trade and other payables
Provisions
Intangible assets
Property, plant, equipment and computer software
The Group performs a detailed impairment assessment of intangible assets prior to the end of each financial year and at each interim reporting date
considers if there are any indicators of impairment which could have a bearing on the impairment assessments. The Group’s reviewdid not identify
any impairment in respect of the cash generating units connected with the Group’s material intangible assets.
9

Notes to the Interim Financial Statements - continued
11. RIGHT OF USE ASSETS
(Unaudited)(Unaudited)(Audited)
As at As at As at
26 January 28 January 28 July
Note
2025 2024 2024
$ 000 $ 000 $ 000
Movement in right of use assets
Carrying amount at the beginning of the period601,610 661,025 661,025
Foreign exchange movement14 21 45
Additions
12
19,613 27,045 51,891
Depreciation - continuing operations
3
(45,806)(44,975)(90,333)
Depreciation - discontinued operations- (4,112)(4,112)
Reassessment of lease terms
12
8,002 2,267 7,026
Lease impairments
19
- (619)-
Leases assigned as part of the Torpedo7 sale
18
- - (22,429)
Lease surrenders and terminations- (1,616)(1,503)
Carrying amount at the end of the period
583,433 639,036 601,610
Less classified as held for sale
18
- (21,827)-
Right of use assets
583,433 617,209 601,610
12. LEASE LIABILITIES
(Unaudited)(Unaudited)(Audited)
As at As at As at
26 January 28 January 28 July
Note
2025 2024 2024
$ 000 $ 000 $ 000
Movement in lease liabilities
Carrying amount at the beginning of the period736,812 803,158 803,158
Foreign exchange movement14 23 49
Additions
11
19,613 27,045 51,891
Interest for the period - continuing operations
3
17,858 18,249 36,527
Interest for the period - discontinued operations- 726 958
Reassessment of lease terms
11
8,002 2,267 7,026
Lease repayments(65,663)(70,569)(137,017)
Leases assigned as part of the Torpedo7 sale
18
- - (24,117)
Lease surrenders and terminations- (1,649)(1,663)
Balance at the end of the period
716,636 779,250 736,812
Less liabilities connected to assets held for sale
18
- (24,230)-
Lease liabilities
716,636 755,020 736,812
Lease liability maturity analysis
Within one year94,470 89,981 100,098
One to two years91,072 86,466 90,603
Two to five years247,150 234,929 232,603
Beyond five years283,944 343,644 313,508
Total lease liabilities
716,636 755,020 736,812
Current liabilities94,470 89,981 100,098
Non current liabilities622,166 665,039 636,714
Total lease liabilities
716,636 755,020 736,812
13. BORROWINGS
(Unaudited)(Unaudited)(Audited)
As at As at As at
26 January 28 January 28 July
2025 2024 2024
$ 000 $ 000 $ 000
Cash and cash equivalents44,322 38,557 32,204
Borrowings(25,350)(57,300)(82,900)
Net cash/debt
18,972 (18,743)(50,696)
Committed bank credit facilities at balance date are:
Committed bank debt facilities450,000 490,000 470,000
Liquidity buffer468,972 471,257 419,304
Net cash/debt
Lease liabilities
Right of use assets
The Group complied with the debt ratios and covenants stipulated in the Group’s negative pledge arrangement with its banks throughout the half
year. Details regarding these covenants and the Group’s liquidity policy, can be found in the 2024 Annual Report.
10

Notes to the Interim Financial Statements - continued
14. DERIVATIVE FINANCIAL INSTRUMENTS
(Unaudited)(Unaudited)(Audited)
As at As at As at
26 January 28 January 28 July
2025 2024 2024
$ 000 $ 000 $ 000
Foreign exchange contracts
Current assets16,610 4,401 10,786
Current liabilities(1,133)(3,022)(78)
Total derivative financial instruments
15,477 1,379 10,708
Classified as:
Cash flow hedges9,079 (516)8,834
Fair value hedges6,398 1,895 1,874
Total derivative financial instruments
15,477 1,379 10,708
Notional amount (NZ$000) 0 to 12 months351,761 383,829 367,205
Average contract rate ($)0.5988 0.6113 0.6070
Spot rate used to determine fair value ($)0.5715 0.6095 0.5892
Forecast next twelve month USD hedge level (percentage)65.8 67.7 69.6
15. COMMITMENTS
(Unaudited)(Unaudited)(Audited)
As at As at As at
26 January 28 January 28 July
2025 2024 2024
Capital commitments
$ 000 $ 000 $ 000
Within one year412 4,141 903
16. RELATED PARTIES
Commitments
Derivative financial instruments
US Dollar forward contracts
Capital expenditure contracted for at balance date but not recognised as liabilities is
set out below:
Except for directors' fees and key executive remuneration, there have been no other related party transactions during the period.
Fair value
The Group’s derivatives are not traded in an active market which means quoted prices are not available to determine the fair value. To
determine the fair value the Group uses valuation techniques which rely on observable market data. The fair value of forward exchange
contracts are determined using the forward exchange market rates at the balance date. For accounting purposes (NZ IFRS 13) these
valuations are deemed to be Level 2 fair value measurements as they are not derived from a quoted price in an active market but rather, a
valuation technique that relies on other observable market data.
The Group continues to manage its foreign exchange risks in accordance with the policies and parameters detailed in the 2024 Annual Report. The
following table lists the key inputs used to determine the fair value of the Group's foreign exchange contracts and hedge levelsat balance date.
11

Notes to the Interim Financial Statements - continued
17. DISCONTINUED OPERATIONS
(Unaudited)(Audited)
As at As at
28 January 28 July
Note
2024 2024
$ 000 $ 000
Retail sales73,041 94,545
Cost of retail goods sold(48,396)(66,325)
Gross profit
24,645 28,220
Other income298 365
Employee expense(18,110)(24,178)
Depreciation and amortisation expense(5,423)(5,423)
Other operating expense(10,025)(12,168)
Operating profit
(8,615)(13,184)
Unusual items
18
(60,116)(60,547)
Loss before interest and tax
(68,731)(73,731)
Interest expense(4,456)(5,644)
Loss before tax
(73,187)(79,375)
Income tax expense17,681 19,071
Loss from discontinued operations
(55,506)(60,304)
Cash flows from discontinued operations
Net cash flows from operating activities6,265 (7,100)
Net cash flows from investing activities(161)(5,120)
Net cash flows from financing activities(5,118)11,826
18. DISCONTINUED - UNUSUAL ITEMS
(Unaudited)(Audited)
As at As at
28 January 28 July
Note
2024 2024
$ 000 $ 000
Trade and other receivables

3,324 1,366
Inventory50,562 49,214
Working capital
53,886 50,580
Property, plant, equipment and computer software9,497 9,731
Right of use assets21,827 22,429
Book value of assets (before impairment) held for sale (half year) / sold (full year)
85,210 82,740
Gift cards and online fulfilment obligations(5,535)(3,795)
Lease liabilities(24,230)(24,117)
Liabilities connected to assets held for sale (half year) / assumed by the purchaser (full year)
(29,765)(27,912)
Net assets (before impairment) available for sale (half year) / sold (full year)
55,445 54,828
Other adjustments4,671 3,215
Redundancy and transaction costs- 2,504
Half year asset impairment / Full year loss on net asset disposal before tax
17
60,116 60,547
19. HELD FOR SALE ASSETS
(Unaudited)
As at
28 January
Note
2024
$ 000
Book value of assets (before impairment) held for sale
18
85,210
Impairment(59,497)
Assets held for sale
25,713
Torpedo7 results and cash flows
A discontinued operation is a component of the Group that represents a separate major line of business that is part of a disposal plan. The
results of discontinued operations are presented separately as a single amount in the Income Statement.
Last year, the Group sold its Torpedo7 business following the receipt of an unsolicited indicative proposal from Tahua Partners Limited to
purchase theTorpedo 7 business assets, with effect from the end of March 2024. The Torpedo7 business operations were consequently
reclassified as a discontinued operation. The Torpedo7 results and cash flows for lastyearwere as follows.
Tahua Partners purchased certain Torpedo7 business assets for $1 at the end of March 2024, which included plant and equipment, inventory,
inventory prepayments, the Torpedo7 brand and also assumed the obligations for most store leases, honouring gift cards, customerorders not
yet delivered and customer returns. The assets sold and the lease and other liabilities assumed by the purchaser as well as the resulting half
year impairment and full year loss are detailed below:
The January 2024 asset impairment (refer note 18) comprises both the impairment of held for sale assets($59.5 million) above and theright of
use asset for a store lease ($0.6 million -refer note 11) excluded from the sale agreementand retained by the Group.
12

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Independent auditor’s review report
To the shareholders of The Warehouse Group Limited
Report on the interim financial statements
Our conclusion
We have reviewed the interim financial statements of The Warehouse Group Limited (the Company)
and its subsidiaries (the Group), which comprise the consolidated balance sheet as at 26 January
2025, and the consolidated income statement, the consolidated statement of comprehensive income,
the consolidated statement of changes in equity and the consolidated statement of cash flows for the
26 weeks ended on that date, and notes, comprising material accounting policy information and other
explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying interim financial statements of the Group do not present fairly, in all material respects,
the financial position of the Group as at 26 January 2025, and its financial performance and cash flows
for the 26 weeks then ended, in accordance with International Accounting Standard 34 Interim
Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting Standard 34
Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements
2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity
(NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor’s responsibilities for
the review of the interim financial statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New
Zealand relating to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements. In addition to our role as auditor, our
firm carries out other services for the Group in the areas of agreed upon procedures at the Annual
Shareholders’ Meeting and over calculations of the Negative Pledge Agreement. In addition, certain
partners and employees of our firm may deal with the Group on normal terms within the ordinary
course of trading activities of the Group. The provision of these other services has not impaired our
independence.
Responsibilities of Directors for the interim financial statements
The Directors of the Company are responsible on behalf of the Company for the preparation and fair
presentation of these interim financial statements in accordance with IAS 34 and NZ IAS 34 and for
such internal control as the Directors determine is necessary to enable the preparation and fair
presentation of the interim financial statements that are free from material misstatement, whether due
to fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that
causes us to believe that the interim financial statements, taken as a whole, are not prepared in all
material respects, in accordance with IAS 34 and NZ IAS 34.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. We perform procedures, primarily consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review
procedures. The procedures performed in a review are substantially less than those performed in an
audit conducted in accordance with International Standards on Auditing and International Standards
on Auditing (New Zealand) and consequently does not enable us to obtain assurance that we might
identify in an audit. Accordingly, we do not express an audit opinion on these interim financial
PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, www.pwc.co.nz

statements.
Who we report to
This report is made solely to the Company’s Shareholders, as a body. Our review work has been
undertaken so that we might state those matters which we are required to state to them in our review
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s Shareholders, as a body, for our
review procedures, for this report or for the conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review report is Philippa
(Pip) Cameron.
For and on behalf of:
PricewaterhouseCoopers Auckland
20 March 2025
PwC

---

Quarterly Sales
Reporting Period 26 weeks to 26 January 2025
Previous Reporting Period (2024) 26 weeks to 28 January 2024
Quarterly Retail Sales information:
SalesSales
(29 July 2024 to 27 October 2024)
20252024
($ Million)($ Million)
The Warehouse 386.3 394.2 - 2.0 %
Warehouse Stationery50.9 54.6 - 6.8 %
Noel Leeming229.1 234.1 - 2.1 %
Total Group
1
668.0 685.4 - 2.5 %
SalesSales
(28 October 2024 to 26 January 2025)
20252024
($ Million)($ Million)
The Warehouse 558.4 571.4 - 2.3 %
Warehouse Stationery58.9 63.3 - 7.0 %
Noel Leeming319.8 310.3 + 3.1 %
Total Group
1
939.2 947.3 - 0.9 %
SalesSales
(29 July 2024 to 26 January 2025)
20252024
($ Million)($ Million)
The Warehouse 944.7 965.6 - 2.2 %
Warehouse Stationery109.8 117.9 - 6.8 %
Noel Leeming548.9 544.4 + 0.8 %
Total Group
1
1,607.2 1,632.7 - 1.6 %
Store Numbers
202520242025202420252024
Start Quarter 2868866 67 66 66
End Quarter 2858866 67 66 66
202520242025202420252024
Start Quarter 2467,594 477,165 80,233 81,892 51,524 51,629
End Quarter 2460,229 477,165 80,233 81,892 51,524 51,629
- - 1 -
- - - -
- - - -
Note:
Noel Leeming
Warehouse StationeryNoel Leeming
Warehouse Stationery
Replacement
store
The Warehouse
Store footprint (Square Metres)
2
Store changes during the quarter
The Warehouse Group Limited
Supplementary Information
The Warehouse
Store
closure
Extension/
reduction
New
store
Noel LeemingWarehouse StationeryThe Warehouse
Change in
sales
vs 2023
1) Total Group sales includes eliminations and other Group operations in addition to the 3 main retail operations detailed above. In 2024 Group sales also included
TheMarket, which closed in July 2024.
2) There were inconsistencies in the way store footprint was measured across the store network. To ensure consistency the Group remeasured the store footprint
resulting in the restatement of prior period comparatives. Store footprint is now measured using current industry standard measurement guidelines or equivalent if
this is not available, adjusted to exclude any areas used by sub-tenants.
Second quarter sales
Change in
sales
vs 2024
Change in
sales
vs 2024
First quarter sales
Year to date sales