Restrictions took a toll as total revenue slips 4.3%.
Record second-quarter sales were not enough to save The Warehouse Group from the impacts of Covid-19 restrictions.
The NZX-listed retailer released its interim financial results for the six months ending January 30, 2022 today.
That showed total revenue of $1.73 billion was down 4% from $1.80b last year as the company struggled with store closures during the first quarter.
Auckland stores were closed for a total of 84 days, or 46% of the trading period, while the rest of the country was closed for 23% of the normal trading time.
In the second quarter, The Warehouse Group saw sales up 3% to hit record levels but it was not enough to bring total revenue up to financially match the previous year.
Reported net profit after tax was $50.4 million, down from $55m last year and The Warehouse Group declared an interim dividend of 10c per share.
Reflecting on the quarter, The Warehouse Group chief executive Nick Grayston said: “We’ve had two quite distinct quarters – the first quarter being impacted significantly by a large number of our stores being closed and the second quarter with record sales over the Christmas and summer trading period. It’s another reminder of how challenging the current environment is.”
