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The Warehouse Group has posted a preliminary unaudited after-tax profit of $ 44.5 million for the year through August 2.
The retail giant, which owns The Warehouse, Warehouse Stationery, Noel Leeming, Torpedo7 and TheMarket.co.nz, said it would have had a loss of $ 4.3 million without the $ 67.7 million wage subsidy it received from the government.
In a statement to the NZX, The Warehouse said its net cash position was $ 168.1 million, as a result of “strong working capital management and strong trading conditions after the first seven weeks after the level 4 lockdown. “.
The company said it would not pay dividends despite its net cash position, citing “continuing uncertainty” around economic activity and its business outlook.
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Group sales of $ 3.2 billion were 3.3 percent over the prior financial year.
SCOTT HAMMOND / THINGS
The Warehouse Group has posted a preliminary profit of $ 44.5 million after taxes for the year through August 2.
About $ 1.5 billion in sales were generated in the second half of its fiscal year, with a 4.1 percent increase in sales in the period, the company said.
Last month, The Warehouse Group confirmed its plans to reorganize work at 62 The Warehouse stores as part of the company’s ongoing restructuring plans.
It announced plans to cut 1,080 jobs as part of a major group-wide restructuring in July.
