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WHS · NZX

The Warehouse Group (WHS)

Consumer / Retail general•Covered: FY24 - FY25•2 published briefings

The Warehouse Group is an NZX-listed consumer / retail general company with FY24 - FY25 of published result briefings.

Latest briefing

FY25 · Released 21 March 2025

Operating profit halved to $19.5m as gross margin slid 110bps

Reported NPAT swung positive on a smaller discontinued-ops loss, but underlying retail earnings deteriorated as inventories swelled $61.2m.

Market data

As at close
Close price
NZD 0.58
Market cap
$201.2m
Dividend yield
0%

as at close, 19 June 2026. Source: yfinance.

Sections⌄
  1. Snapshot
  2. Valuation
  3. Chat
  4. Longitudinal View
  5. Follow-through
  6. Archive
  7. Related Insights
  1. Snapshot
  2. Valuation
  3. Chat
  4. Longitudinal View
  5. Follow-through
  6. Archive
  7. Related Insights

Snapshot

Latest metrics

FY25, released 21 March 2025

← Swipe to view more
WHS latest metrics
MetricValueChange
Revenue$1.6b↓ -47.1%
Operating profit$38.9m↓ -34.1%
NPAT$11.8m↑ +121.8%
Operating cash flow$122.9m↓ -33.9%
OCF / Operating profit %316.3%↑ +0.9pp
Net debt-$19m↓ -137.4%
Net debt / Operating profit-0.49x↓ -157.0%
ROE %3.7%↑ +18.9pp
PBT$16.9m↓ -18.0%
FCF pre-lease$117.8m↓ -19.6%

Source: latest published briefing (FY25, released 21 March 2025). Change compares against the prior equivalent period: FY24, released 26 September 2024.

Valuation

Valuation

A compact read on what the market price implies next to the latest filing data. The numbers are a starting point for comparison, not a recommendation.

Prices as at close, 19 June 2026

Price and market cap

The latest close and share count context for the market price.

Market cap

$201.2m

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End-of-day close multiplied by current shares on issue.

Profitability multiples

How the market price compares with recent earnings and cash-flow inputs.

P/E

17.05x

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Recent market cap compared with trailing earnings.

EPS

0.03

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Recent filing-derived earnings per share.

PEG

Not available

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Not available for this company right now.

EV/EBITDA

4.69x

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Enterprise value compared with recent EBITDA.

P/FCF

1.71x

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Market cap compared with recent free cash flow.

P/B

0.67x

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Market value compared with latest reported equity.

Income and fund shape

Yield and fund-style valuation where the company shape supports it.

Dividend yield

0.0%

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Trailing dividends compared with the latest close.

Total return

Not available

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Available once dividend and adjustment data are verified.

Price history

Daily closes use the full available width, with hover and touch readouts against real observations. Expand opens the chart at reading size.

Share price

Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.

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Chat

Ask about WHS

Ask follow-up questions about The Warehouse Group's latest result and company history.

Informational only. No buy, sell, hold, price-target, or personal financial advice.

Ask about WHS

Informational only. No buy, sell, hold, price-target, or personal financial advice.

Sign in to chat

Sign in to ask company questions.

What changed in the latest result?What is unusual in the historical context?How has cash conversion changed over time?Compare this company with CNU.

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Longitudinal view

Performance over time

The latest period is shown first.

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WHS metric history
MetricFY2512 MONTHS21 March 2025FY2412 MONTHS26 September 2024Trend
Revenue$1.6b$3b
Chart
Revenue growth %-47.1%-10.6%
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Operating profit$38.9m$58.9m
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Operating profit margin %2.4%1.9%
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PBT$16.9m$20.6m
Chart
PBT growth %-18.0%-52.8%
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NPAT$11.8m-$54.2m
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Operating cash flow$122.9m$185.9m
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OCF / Operating profit %316.3%315.4%
Chart
FCF pre-lease$117.8m$146.6m
Chart
DPS—5.0c
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ROE %3.7%-15.2%
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Net debt-$19m$50.7m
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Net debt / Operating profit-0.49x0.86x
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Debtor days94
Chart
Inventory days12157
Chart
Total assets$1.7b$1.7b
Chart

Reference: annolyse.ai/companies/whs

Filing-only history charts

These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.

Revenue

Reported revenue across covered periods.

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Revenue growth

Like-period revenue growth where comparable.

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EBITDA-equivalent

Company-specific earnings measure where disclosed.

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EBITDA margin

EBITDA-equivalent margin where revenue and earnings are source-backed.

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NPAT

Statutory profit after tax.

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Operating cash flow

Cash generated from operations.

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Full chartable metric set

Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.

OCF / EBITDA

Cash conversion against earnings.

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FCF pre-lease

Operating cash flow less capex before leases.

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ROE

Return on equity.

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Net debt

Borrowings less cash; negative values indicate net cash.

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Net debt / EBITDA

Leverage ratio, suppressed where earnings are not meaningful.

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DPS

Dividend per share declared for the period.

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Debtor days

Receivables days where the working-capital inputs are source-backed.

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Inventory days

Inventory days where the working-capital inputs are source-backed.

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Operating working-capital movement

Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.

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The setup & the reality

FY24 → FY25 Follow-through

The latest result is checked against what the prior briefing said to watch.

Current result now available

FY25 · Released 21 March 2025

Operating profit halved to $19.5m as gross margin slid 110bps

Reported NPAT swung positive on a smaller discontinued-ops loss, but underlying retail earnings deteriorated as inventories swelled $61.2m.

Read latest briefing→

Historical setup

What FY24 said to watch

From Continuing PBT halved as all three retail segments compressed

No forward targets were supplied with this release, so the result is judged against the half-year shape. H1 contributed 53.8% of full-year revenue and 43.7% of the full-year NPAT loss, implying an H2 revenue run-rate of $1.4b and an H2 loss of around $30.5m. Management commentary that H2 sales fell 7.6% versus H1's 4.9% decline points to a worsening sales trajectory into year-end, which matters because segment earnings are now highly geared to any further volume fall.

Open questions

Open questions from FY24

  • What concrete actions are planned to rebuild The Warehouse segment result from $17.7m, given the -75% fall is not explained by the disposed operations?
  • Why was capex cut by 65.9%, and at what level does the board view capex as adequate to maintain the store network and digital platforms?
  • When does the board expect to resume a final dividend, and what coverage threshold needs to be met?
  • Why did the effective tax rate rise to 68.2%, and is that a one-year distortion or a recurring drag on continuing-ops NPAT?
  • How is H2's 7.6% sales decline tracking into early FY25, and what assumptions underpin internal forecasts?

This briefing cannot assess management's internal turnaround plan, the underlying drivers of the Torpedo7 exit loss, or the trajectory of trading post-balance-date.

Archive

Briefing archive

Every published Annolyse briefing for this company appears here in reverse chronological order.

FY25 · Released 21 March 2025

Operating profit halved to $19.5m as gross margin slid 110bps

Reported NPAT swung positive on a smaller discontinued-ops loss, but underlying retail earnings deteriorated as inventories swelled $61.2m.

Read briefing→

FY24 · Released 26 September 2024

Continuing PBT halved as all three retail segments compressed

A $60.3m Torpedo7 exit pushed group NPAT to a $54.2m loss, while capex cut to a third propped up free cash flow.

Read briefing→

Related insights

Compare this company

The latest WHS metrics also appear in these cross-company views.

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 139.7pp.

Open insight→

Insight

Working-capital pressure

Inventory days were 121 days, +64 days versus the prior comparable period.

Open insight→

Insight

Revenue growth context

Revenue growth was -47.1% for this reporting period.

Open insight→

Insight

ROE and capital efficiency

ROE was 3.7%, +21.1pp versus the prior comparable period.

Open insight→

Get notified when WHS publishes

Get the next The Warehouse Group result briefing and five-year history updates by email.