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The Warehouse Group Limited (NZX: WHS) Annual Result 2021

Wednesday 29th September 2021

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The Warehouse Group Limited (“the Group”) today announced a record result for the full year ended 1 August 2021. The Group delivered sales of $3.4b, up 7.6% on FY20. Reported NPAT was $117.7m, up from $44.5m, an increase of 164.6% on the prior year.

The FY21 financial year illustrated material progress for the Group, with the Agile business model operating effectively to meet changing customer needs in a period of COVID-19 led uncertainty.

The increase in online shopping continued to grow with sales of $393.1m, up 5.0% on last year and accounted for 11.5% of total Group Sales. Sales that were fulfilled via Click & Collect were up 21.1% compared to the previous year, including 37.9% growth for The Warehouse brand and 9.3% growth in Click & Collect at Noel Leeming driven by the introduction of one hour Click & Collect.

The Warehouse Group Chair Joan Withers said the year-end results have exceeded expectations and show a sustained and deliberate focus on a customer led strategy.

The Group’s Adjusted Net Profit After Tax (NPAT) was $175.5m – up from $32.1m the prior year, after excluding unusual items including the $67.6m wage subsidy repayment and $16.1m of restructuring expenses (before tax).

“Pent up demand after lockdowns, strong operational performance and a robust financial position enabled the Group to repay the COVID-19 wage subsidy of $67.6m for our 11,000 employees in December 2020,” said Withers. The wage subsidy repayment resulted in a restatement of FY20 figures.

Gross profit margin has been a key driver in profitability, with gross profit margin of 36.4% compared to 32.6% in the prior year. Across the Group’s brands, this was driven by better sell through rates requiring lower clearance and promotional activity alongside the continued execution of the Everyday Low Pricing (EDLP) strategy at The Warehouse.

Chair Joan Withers said, “This stronger than expected trading performance enabled the Board to declare a special dividend of 5.0 cents per share in February 2021, an interim dividend of 13.0 cents per share in April 2021 and a final dividend of 17.5 cents per share. This brings the total dividends for the year to 35.5 cents per share declared, and a pay-out ratio of 70.2% of adjusted net profit. The final dividend, to be paid on 3 December 2021, has been declared on the basis that New Zealand is predominantly at Level 2 or below from the end of October 2021.

Please see the links below for details

1. Result Announcement

2. FY21 Investor Presentation

3. Media Release

4. Annual Report 2021

5. Corporate Action Notice

6. Quarterly Sales

Source: The Warehouse Group Limited

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