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Highlights

  • WHS reported H1 FY25 Group sales of NZD 1.607 billion, down 1.6% YoY, with Q2 decline easing to 0.9%.
  • The company reported a NPAT of NZD 11.8 million in H1 FY25, a significant turnaround from a reported net loss of NZD 23.7 million in H1 FY24.
  • WHS forecasts full-year FY25 EBIT (pre-IFRS16) between NZD 5 million loss and NZD 5 million profit.

The Warehouse Group Limited (NZX:WHS), founded in 1982 in Auckland, is a general merchandise retailer that also owns Warehouse Stationery, previously operated in Australia, was listed in 1994, and has seen strategic shifts including halting its Warehouse Extra rollout and attracting interest from Woolworths and Foodstuffs, each holding a 10% stake.

In the first half of the financial year 2025 (H1 FY25) ending 26 January 2025, The Warehouse Group reported total Group sales of NZD 1.607 billion, representing a decline of 1.6% compared to H1 FY24.  The company reported a NPAT of NZD 11.8 million in H1 FY25, marking a significant turnaround from a reported net loss of NZD 23.7 million in the same period of FY24. Additionally, it achieved a net cash position of NZD 19.0 million, compared to a net debt of NZD 50.7 million at the end of FY24, supported by an impressive cash conversion rate of 106.1%.

In the third quarter of the financial year 2025 (Q3FY25), the company recorded total sales of NZD 710.5 million, reflecting a 2.2% YoY increase from NZD 695.5 million in Q3 FY24. Group same store sales grew by 2.4%, while market share of core retail expanded by 50 basis points to 15.8%. Segment-wise, The Warehouse generated NZD 415.9 million in sales, up 1.9% YoY with same store sales increasing 3.4%. Noel Leeming achieved NZD 234.9 million in sales, a 4.5% rise from the prior year, whereas Warehouse Stationery sales declined by 3.3% to NZD 58.8 million.

Company outlook

WHS’ management stated that sales momentum returned as improved weather conditions were seen in June 2025.

The Warehouse Group anticipates full-year FY25 EBIT (pre-IFRS16) to range between a NZD 5 million loss and a NZD 5 million profit for the 53 weeks ending 3 August 2025. The Group remains focused on financial discipline through careful cost control, inventory management, and operational streamlining to improve long-term performance.

Management expects economic conditions to improve by late 2025 as inflation and interest rates ease.

Share performance of WHS

WHS shares closed at NZD 0.820 on 21 July 2025, up 1.23% intraday. However, the stock has recorded a 21.90% loss over the past year. It remained flat over the past three months but declined by 20.39% over six months and 24.07% over nine months.

The 52-week high for WHS is NZD 1.520, reached on 22 July 2024, while the 52-week low is NZD 0.780, recorded on 27 June 2025.

Resistance and support summary

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 21 July 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.