The Warehouse Group 2019 Interim Results Announcement

The Warehouse Group Limited

26 The Warehouse Way
Northcote, Auckland 0627
PO Box 33470, Takapuna
Auckland 0740, New Zealand

phone +64 9 489 7000
fax +64 9 489 7444
web www.twg.co.nz




19 March 2019


Listed Company Relations
New Zealand Exchange Limited


The Warehouse Group Limited

Unaudited results for the 26 weeks ended 27 January 2019

The following are attached in relation to The Warehouse Group’s Interim Result for the
period to 27 January 2019:

1. Results Announcement
2. Investor Presentation
3. Media Release
4. Interim Financial Statements for the 26 weeks ended 27 January 2019
5. Auditors Independent Review Report
6. Distribution Notice
7. Quarterly Sales Report



Kerry Nickels
Company Secretary


ENDS

Contact details regarding this announcement:

Investors and
Analysts:
Jonathan Oram, Chief Financial Officer
To be contacted via Annie Zhang, Investor Relations Manager
+64 21 831 479, annie.zhang@thewarehouse.co.nz

Media: Nick Grayston, Group Chief Executive Officer
To be contacted via Jessamy Malcolm Cowper, Head of External
Communications
+64 27 275 2834, media.enquiries@thewarehouse.co.nz.

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Results for announcement to the market
Name of issuer The Warehouse Group Limited
Reporting Period 26 weeks to 27 January 2019
Previous Reporting Period 26 weeks to 28 January 2018
Interim Dividend
Record Date 02 April 2019
Dividend Payment Date 12 April 2019
Contact phone number
Contact email address
Date of release through MAP
Unaudited financial statements accompany this announcement.
Amount per Quoted Equity
Security
Imputed amount per
Quoted Equity Security
Name of person authorised to
make this announcement
Jonathan Oram (Group Chief Financial Officer)
09 217 7651
Jonathan.Oram@thewarehouse.co.nz
Net tangible assets per
Quoted Equity Security
104.4 cents (27 January 2019) 106.9 cents (28 January 2018)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
NZ$ 35,825
up 2.7 %
up 5.9 %
up 12.7 %
Refer to media release
19 March 2019
9.00 cents
3.5000 cents
Authority for this announcement
Net profit (loss) attributable
to security holders
The Warehouse Group Limited
Results for announcement (for Equity and Debt Security issuer)
Amount (000s)Percentage change
Revenue from ordinary
activities
Profit (loss) from ordinary
activities after tax attributable
to security holder
NZ$ 1,640,537
NZ$ 37,430

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Performance
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Transformation update
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Board update
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Integrated reporting
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Rise transformation update
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Progress of Group strategy
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Investing in the digital future
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People and culture
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For the period ended 27 January 2019

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As at 27 January 2019

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SPEECH VERSION

Thank you
& Questions

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_________________________________________________________________________________

To: Market Information Services Section
NZX Limited
_________________________________________________________________________________


Auckland, 19 March 2019

The Warehouse Group half year Adjusted NPAT up 5.2% despite challenging retail environment

Highlights

• Adjusted Net Profit After Tax of $39.6m for the half-year, an increase of 5.2% on the previous
corresponding period
• Group retail sales up 2.7% to $1,640.5m
• Same Store Sales growth across all brands in H1
• Online sales in The Warehouse, Warehouse Stationery, Noel Leeming and Torpedo7 up 24%

The Warehouse Group has delivered an Adjusted Net Profit After Tax (NPAT) result of $39.6m for the
first six months of the 2019 financial year, up 5.2% on the previous corresponding period. Group
retail sales were up 2.7% to $1,640.5m, and online sales across The Warehouse, Warehouse
Stationery, Noel Leeming and Torpedo7 jumped 24% year on year, with online now making up 7.7% of
all Group sales.

The Warehouse Group Chair Joan Withers said it was a promising start to FY19, particularly given the
challenging Christmas period faced by the retail sector and the significant change the business is
undertaking. “However, we’re particularly pleased with the performance of Noel Leeming with sales
up 7.4% year on year.”

Joan Withers said the Group was also pleased with the rigour and discipline that the transformation
programme has brought. “We’re making good progress, we still have a large job in front of us but we
are on track.”

Joan Withers said key achievements for the transformation programme in H1 included delivering a
store performance enhancement programme, improvements in speed-to-shelf, in-store availability
and inventory management.

The improved result came despite a flat Christmas trading period experienced across the retail sector,
said Chief Executive Nick Grayston. “While Christmas remains one of New Zealand’s most important
family celebration and shopping occasions, we noticed a change in customer shopping trends,
particularly around Black Friday sales,” he said.

“We had our biggest Black Friday sales ever in November across all our brands and our biggest Boxing
Day in Noel Leeming. We are closely monitoring how these trends affect Christmas trading going
forward”.

“In November and December Red Shed sales were also impacted by cooler weather, particularly in
apparel and outdoor categories; however, general merchandise (excluding technology) performed
well. Seasonal category sales picked up in January when the warmer weather arrived.”

Sales in The Warehouse were flat at $929.5m for H1 and retail gross profit dropped 0.6% to $345.4m.
“Although Cost of Doing Business (CODB) was held for the period, the drop in operating profit was
disappointing,” said Nick Grayston. “Our CODB will reduce as we come through the execution of the
transformation.”

Online sales in The Warehouse were up 21% YOY and now make up 4.9% of total sales in the Red
Sheds. “We recognise the value of our omni-channel customers and will continue to grow this
segment through migrating customers from in-store shopping only to an omni-channel shopping
experience,” said Nick Grayston.

Sales in Warehouse Stationery were up 3% on the previous corresponding period, margins improved
by 150 basis points and retail gross profit was up 6.9%. “We are pleased to be recovering to previous
levels of profitability after last year’s operational integration issues,” said Nick Grayston. “Warehouse
Stationery continues to be the market leader in Back to School and we’re pleased with how that
performed although the sales came later than expected and will contribute to H2’s result.”

Noel Leeming remains a consistent high performer of the Group. Sales in Noel Leeming increased
7.4% and gross profit increased 7.2%. Online sales increased 47% YOY. Noel Leeming’s top
performing categories included communications, audio, visual and gaming, small appliances,
television and services.

While sales in Torpedo7 Group were up 1.5% and gross profit increased 4.5% year on year, it was a
disappointing result for H1 with the brand making a loss of $1.8m.

“To contextualise the result, $55m of retail sales were attributed to Torpedo7, and $34m to 1-day.
Torepedo7 Group has undergone tremendous change over the last year and we have executed on our
strategy of brand clarity and store expansion. Sales were impacted by the strategic closure of
standalone online sales in No. 1 Fitness, the Shotgun supplement business and re-focus of Torpedo7
and 1-day out of Australia and into our home market. The ongoing ‘core’ business in Torpedo7 is up
20% plus,” said Nick Grayston.

The CODB in Torpedo7 increased 17.4%, with higher operating costs from the store expansion
programme. Seven new stores have opened since H1 FY18, in New Plymouth, Palmerston North, Te
Rapa, Manukau, Porirua, The Remarkables Queenstown, and Westgate.

The Warehouse Group strategy and outlook
Nick Grayston said while the Group’s core strategy of fixing the retail fundamentals and investing in
the digital future remains the same, mid-term and longer-term strategy is being reviewed to ensure
future growth.

Financial performance in H2 FY19 is expected to be an improvement on H2 FY18 and follow a similar
trading pattern. Guidance for FY19 Adjusted Net Profit After Tax subject to no material changes in
trading conditions is in the range of $63m to $66m. This includes an expected full year after tax cost
of $4.5m in relation to investment in a new digital platform. The guidance range is an increase of 7%
to 12% on FY18 Adjusted Net Profit After Tax of $59.0m.

The Directors are pleased to announce an interim dividend for H1 FY19 of 9.0 cents per share fully
imputed, payable on 12 April 2019. The final dividend will be announced at the full year.

More information about The Warehouse Group’s result, strategy, transformation programme and
operations can be found in the Annual Report for 2018.

ENDS

Contact details regarding this announcement:

Investors and Analysts: Jonathan Oram, Chief Financial Officer
To be contacted via Annie Zhang, Investor Relations Manager
+64 21 831 479, annie.zhang@thewarehouse.co.nz

Media: Nick Grayston, Group Chief Executive Officer
To be contacted via Jessamy Malcolm Cowper, Head of External
Communications
+64 27 275 2834, media.enquiries@thewarehouse.co.nz.

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The Warehouse Group Limited
For the 26 weeks ended 27 January 2019
Interim Financial Statements

Consolidated Income Statement
Unaudited Unaudited Audited
26 Weeks 26 Weeks 52 Weeks
Ended Ended Ended
27 January 28 January 29 July
Note
2019 2018 2018
$ 000 $ 000 $ 000
Continuing operations
Retail sales
3
1,640,537 1,598,076 2,994,571
Cost of retail goods sold(1,107,308)(1,075,587)(2,003,396)
Gross profit533,229 522,489 991,175
Other income5,505 5,214 8,118
Lease and occupancy expenses(81,413)(80,564)(159,587)
Employee expenses(274,041)(264,397)(524,673)
Depreciation and amortisation expenses
3
(30,318)(28,838)(59,630)
Other operating expenses(92,512)(95,485)(163,961)
Operating profit from continuing operations
3
60,450 58,419 91,442
Unusual items
4
(3,036)(3,223)(34,135)
Earnings before interest and tax from continuing operations57,414 55,196 57,307
Net interest expense(5,087)(5,516)(9,165)
Profit before tax from continuing operations52,327 49,680 48,142
Income tax expense(14,914)(14,204)(20,636)
Net profit for the period from continuing operations37,413 35,476 27,506
Discontinued operations
Loss from discontinued operations (net of tax)
14
(1,605)(3,547)(4,386)
Net profit for the period35,808 31,929 23,120
Attributable to:
Shareholders of the parent35,825 31,798 22,878
Minority interests(17)131 242
35,808 31,929 23,120
Profit attributable to shareholders of the parent relates to:
Profit from continuing operations37,430 35,345 27,264
Loss from discontinued operations(1,605)(3,547)(4,386)
35,825 31,798 22,878
Earnings per share attributable to shareholders of the parent:
Basic earnings per share10.4 cents 9.2 cents 6.6 cents
Diluted earnings per share10.4 cents 9.2 cents 6.6 cents
Earnings per share attributable to shareholders of the parent from continuing operations:
Basic earnings per share10.8 cents 10.3 cents 7.9 cents
Diluted earnings per share10.8 cents 10.2 cents 7.9 cents
Consolidated Statement of Comprehensive Income
Unaudited Unaudited Audited
26 Weeks 26 Weeks 52 Weeks
Ended Ended Ended
27 January 28 January 29 July
2019 2018 2018
$ 000 $ 000 $ 000
Net profit for the period35,808 31,929 23,120
Items that may be reclassified subsequently to the Income Statement
Movement in foreign currency translation reserve(39)(6)(5)
Movement in hedge reserves (net of tax)(15,665)4,867 25,885
Total comprehensive income for the period20,104 36,790 49,000
Attributable to:
Shareholders of the parent20,121 36,659 48,758
Minority interest(17)131 242
Total comprehensive income20,104 36,790 49,000
Attributable to:
Total comprehensive income from continuing operations21,709 40,337 53,386
Total comprehensive income from discontinued operations(1,605)(3,547)(4,386)
Total comprehensive income20,104 36,790 49,000
Total comprehensive income from continuing operations attributable to:
Shareholders of the parent21,726 40,206 53,144
Minority interest(17)131 242
Total comprehensive income21,709 40,337 53,386
2

Consolidated Statement of Changes in Equity
Foreign Employee
Currency Share
Share Treasury Hedge Translation Benefits Retained Minority Total
(Unaudited)
Capital Stock Reserves Reserve Reserve Earnings Interest Equity
For the 26 weeks ended 27 January 2019
$ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000
365,517 (6,060)10,711 (5)766 108,476 879 480,284
Adjustment on adoption of NZ IFRS 15- - - - - (275)- (275)
Restated balance at the beginning of the period365,517 (6,060)10,711 (5)766 108,201 879 480,009
Profit for the half year- - - - - 35,825 (17)35,808
Movement in foreign currency translation reserve- - - (39)- - - (39)
Movement in derivative cash flow hedges- - (22,060)- - - - (22,060)
Movement in de-designated hedges- - 303 - - - - 303
Tax related to movement in hedge reserve- - 6,092 - - - - 6,092
Total comprehensive income- - (15,665)(39)- 35,825 (17)20,104
Share rights charged to the income statement- - - - 63 - - 63
Share rights exercised- 604 - - (829)225 - -
Dividends paid- - - - - (20,811)(106)(20,917)
Treasury stock dividends received- - - - - 87 - 87
Balance at the end of the period365,517 (5,456)(4,954)(44)- 123,527 756 479,346
Foreign Employee
Currency Share
Share Treasury Hedge Translation Benefits Retained Minority Total
(Unaudited)
Capital Stock Reserves Reserve Reserve Earnings Interest Equity
For the 26 weeks ended 28 January 2018
$ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000
Balance at the beginning of the period365,517 (7,471)(15,174)- 2,138 140,512 867 486,389
Profit for the half year- - - - - 31,798 131 31,929
Movement in foreign currency translation reserve- - - (6)- - - (6)
Movement in derivative cash flow hedges- - 6,457 - - - - 6,457
Movement in de-designated hedges- - 303 - - - - 303
Tax related to movement in hedge reserve- - (1,893)- - - - (1,893)
Total comprehensive income- - 4,867 (6)- 31,798 131 36,790
Share rights charged to the income statement- - - - 288 - - 288
Share rights exercised- 1,411 - - (1,725)314 - -
Dividends paid- - - - - (20,811)(4)(20,815)
Treasury stock dividends received- - - - - 101 - 101
Balance at the end of the period365,517 (6,060)(10,307)(6)701 151,914 994 502,753
Foreign Employee
Currency Share
Share Treasury Hedge Translation Benefits Retained Minority Total
(Audited)
Capital Stock Reserves Reserve Reserve Earnings Interest Equity
For the 52 weeks ended 29 July 2018
$ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000
Balance at the beginning of the period365,517 (7,471)(15,174)- 2,138 140,512 867 486,389
Profit for the year- - - - - 22,878 242 23,120
- - - (5)- - - (5)
Movement in derivative cash flow hedges- - 35,346 - - - - 35,346
Movement in de-designated hedges- - 606 - - - - 606
Tax related to movement in hedge reserve- - (10,067)- - - - (10,067)
Total comprehensive income- - 25,885 (5)- 22,878 242 49,000
Contributions by and distributions to owners:-
Share rights charged to the income statement- - - - 353 - - 353
Share rights exercised- 1,411 - - (1,725)314 - -
Dividends paid- - - - - (55,495)(230)(55,725)
Treasury stock dividends received- - - - - 267 - 267
Balance at the end of the period365,517 (6,060)10,711 (5)766 108,476 879 480,284
Balance at the beginning of the period as
previously reported
3

Consolidated Balance Sheet
Unaudited Unaudited Audited
As at As at As at
27 January 28 January 29 July
Note
2019 2018 2018
ASSETS
$ 000 $ 000 $ 000
Current assets
Cash and cash equivalents
11
24,758 44,778 26,455
Trade and other receivables
6
88,331 79,826 79,758
Inventories542,771 535,880 523,840
Derivative financial instruments
12
4,470 426 19,030
Taxation receivable3,856 - -
664,186 660,910 649,083
Assets held for sale
15
4,641 20,368 7,560
Total current assets668,827 681,278 656,643
Non-current assets
Property, plant and equipment
9
229,264 244,091 238,592
Intangible assets
10
118,899 133,922 115,331
Derivative financial instruments
12
786 647 764
Deferred taxation41,295 45,723 38,418
Total non-current assets390,244 424,383 393,105
Total assets1,059,071 1,105,661 1,049,748
LIABILITIES
Current liabilities
Borrowings
11
37,700 74,237 43,840
Trade and other payables
7
308,965 291,308 279,028
Derivative financial instruments
12
5,979 10,980 -
Taxation payable- 1,262 6,388
Provisions
8
58,167 58,962 67,422
410,811 436,749 396,678
Other liabilities directly associated with assets held for sale
15
1,283 4,194 3,886
Total current liabilities412,094 440,943 400,564
Non-current liabilities
Borrowings
11
140,177 139,712 144,954
Derivative financial instruments
12
4,850 2,701 3,394
Provisions
8
22,604 19,552 20,552
Total non-current liabilities167,631 161,965 168,900
Total liabilities579,725 602,908 569,464
Net assets479,346 502,753 480,284
EQUITY
Contributed equity
360,061 359,457 359,457
Reserves(4,998)(9,612)11,472
Retained earnings123,527 151,914 108,476
Total equity attributable to shareholders478,590 501,759 479,405
Minority interest756 994 879
Total equity479,346 502,753 480,284
Net assets per share138.8 cents 145.7 cents 139.2 cents
4

Consolidated Statement of Cash Flows
Unaudited Unaudited Audited
26 Weeks 26 Weeks 52 Weeks
Ended Ended Ended
27 January 28 January 29 July
Note
2019 2018 2018
Cash flows from operating activities
$ 000 $ 000 $ 000
Cash received from customers1,639,654 1,603,868 3,003,199
Payments to suppliers and employees(1,558,695)(1,541,019)(2,875,770)
Income tax paid(21,096)(12,174)(14,082)
Interest paid(4,959)(5,868)(9,307)
54,904 44,807 104,040
Loans repaid by finance business customers22,140 25,775 50,469
New loans to finance business customers(17,047)(23,938)(46,595)
Net cash flows from operating activities59,997 46,644 107,914
Cash flows from investing activities
Proceeds from sale of property, plant and equipment40 107 12,227
Proceeds from business disposal- 17,291 17,291
Purchase of property, plant, equipment and software(28,187)(38,925)(70,229)
Other items(1,421)- -
Net cash flows from investing activities(29,568)(21,527)(40,711)
Cash flows from financing activities
Proceeds from / (Repayment) bank borrowings
(11,103)4,822 (20,444)
Repayment of securitised borrowings- (11,555)(11,555)
Repayment of finance leases(78)(262)(456)
Treasury stock dividends received 87 101 267
Dividends paid to parent shareholders(20,926)(20,933)(55,822)
Dividends paid to minority shareholders(106)(4)(230)
Net cash flows from financing activities(32,126)(27,831)(88,240)
Net cash flow(1,697)(2,714)(21,037)
Opening cash position26,455 47,492 47,492
Closing cash position24,758 44,778 26,455
Reconciliation of Operating Cash Flows
Profit after tax35,808 31,929 23,120
Non-cash items
Depreciation and amortisation expenses
3
30,318 28,838 59,630
Intangible asset impairment
10
- - 25,622
Share based payment expense63 288 353
Interest capitalisation224 238 467
Supplier contributions- (2,699)(2,694)
Movement in deferred tax3,407 (5,042)(5,826)
Other items122 218 436
Total non-cash items34,134 21,841 77,988
Items classified as investing or financing activities
Net loss on disposal of property, plant and equipment
1,374 399 397
Loss on business disposal- 1,458 1,421
Supplementary dividend tax credit115 122 327
Total investing and financing adjustments1,489 1,979 2,145
Changes in assets and liabilities
Trade and other receivables(8,575)684 (3,715)
Finance business receivables4,388 2,229 3,305
Inventories(18,931)(52,980)(36,566)
Trade and other payables29,584 25,435 11,522
Provisions(7,656)9,306 18,768
Income tax(10,244)6,221 11,347
Total changes in assets and liabilities(11,434)(9,105)4,661
Net cash flows from operating activities59,997 46,644 107,914
5

Notes to the Financial Statements
1. GENERAL INFORMATION
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3. SEGMENT INFORMATION
The interim financial statements of the Group have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand (NZ
GAAP). They comply with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting and consequently, do not include all the
information required for full financial statements. These Group interim financial statements should be read in conjunction with the annual report for
the year ended 29 July 2018.
These financial statements have been prepared under the historical cost convention except for the revaluation of certain financial instruments
(including derivative instruments). The reporting currency used in the preparation of the financial statements is New Zealand dollars, rounded to the
nearest thousands unless otherwise stated. Certain comparative amounts have been reclassified to conform with the current period presentation.
Except for the adoption of two new accounting standards (detailed in note 19), the accounting policies that materially affect the measurement of the
interim financial statements have been applied on a consistent basis with those used in the audited financial statements for the 52 weeks ended 29
July 2018 and the unaudited interim financial statements for the 26 weeks ended 28 January 2018.
Seasonality
The Group's revenue and profitability follow a seasonal pattern with higher sales and operating profits typically achieved in the first half of the
financial year as a result of additional sales generated during the Christmas trading period.
Approval of Financial Statements
These consolidated interim financial statements were approved for issue by the Board of Directors on 18 March 2019. Unless as otherwise stated,
the financial statements have been reviewed by our Auditors, but are not audited.
The Warehouse Group Limited (the Company) and its subsidiaries (together the Group) trade in the New Zealand retail sector. The Company is a
limited liability company incorporated and domiciled in New Zealand. The Group is registered under the Companies Act 1993 and is an FMC
Reporting Entity under Part 7 of the Financial Markets Conduct Act (FMCA) 2013. The address of its registered office is Level 4, 4 Graham Street,
PO Box 2219, Auckland. The Company is listed on the New Zealand Stock Exchange (NZX).
Operating segments
The Group has four operating segments trading in the New Zealand retail sector and a start-up venture to expand the Group's digital offering. These
segments form the basis of internal reporting used by management and the Board of Directors to monitor and assess performance and assist with
strategy decisions.
Each of the four retail segments represent a distinct retail chain, synonymous with its segment name. Customers can purchase product from the
retail chains either on-line or through the Group’s physical retail store network. The Group’s store network currently has 93 The Warehouse stores ,
70 Warehouse Stationery stores, 77 Noel Leeming stores and 18 Torpedo7 stores. The Warehouse predominantly sells general merchandise and
apparel, Noel Leeming sell technology and appliance products, Torpedo7 sells sporting equipment and as the name indicates Warehouse
Stationery sells stationery.
Group support office functions, such as Information Systems, Finance, Brand Executives and People Support are operated using a shared services
model which allocates the costs of these support office functions to individual brands calculated on an arm’s length basis. The remaining support
office functions which relate to corporate and governance functions, a property company and the Group’s interest in a chocolate factory are not
allocated and form the main components of the “Other Group operations” segment.
The Warehouse, Warehouse Stationery and Wholesale businesses were amalgamated from the commencement of the current financial year.
Following the amalgamation, the Group restated the prior year comparative sales figures reported for The Warehouse segment to remove
intersegment sales connected with the Wholesale business.
6

Notes to the Financial Statements - continued
3. SEGMENT INFORMATION - (Continued)
(Unaudited)(Unaudited)(Audited)(Unaudited)(Unaudited)(Audited)
26 Weeks 26 Weeks 52 Weeks 26 Weeks 26 Weeks 52 Weeks
Ended Ended Ended Ended Ended Ended
27 January 28 January 29 July 27 January 28 January 29 July
2019 2018 2018 2019 2018 2018
$ 000 $ 000 $ 000 $ 000 $ 000 $ 000
The Warehouse929,503 930,288 1,695,839 46,576 49,031 71,440
Warehouse Stationery 132,812 128,987 263,766 5,915 3,656 10,590
Warehouse Segment1,062,315 1,059,275 1,959,605 52,491 52,687 82,030
Noel Leeming 487,271 453,853 880,453 17,557 15,253 31,163
Torpedo789,929 88,591 163,402 (1,786)776 (1,447)
Noel Leeming Segment577,200 542,444 1,043,855 15,771 16,029 29,716
Digital- - - (2,287)- (1,133)
Other Group operations4,348 5,501 9,655 (5,525)(10,297)(19,171)
Inter-segment eliminations(3,326)(9,144)(18,544)
Retail Group1,640,537 1,598,076 2,994,571 60,450 58,419 91,442
Unusual items(3,036)(3,223)(34,135)
Earnings before interest and tax from continuing operations57,414 55,196 57,307
Net interest expense(5,087)(5,516)(9,165)
Profit before tax from continuing operations52,327 49,680 48,142
Operating margin
The Warehouse (%)
5.0 5.3 4.2
Warehouse Stationery (%)4.5 2.8 4.0
Noel Leeming (%)3.6 3.4 3.5
Torpedo7 (%)(2.0)0.9 (0.9)
Total Retail Group (%)3.7 3.7 3.1
(Unaudited)(Unaudited)(Audited)(Unaudited)(Unaudited)(Audited)
26 Weeks 26 Weeks 52 Weeks 26 Weeks 26 Weeks 52 Weeks
Ended Ended Ended Ended Ended Ended
27 January 28 January 29 July 27 January 28 January 29 July
Note
2019 2018 2018 2019 2018 2018
$ 000 $ 000 $ 000 $ 000 $ 000 $ 000
Warehouse Segment21,107 19,731 42,889 23,321 22,961 46,477
Noel Leeming Segment4,942 8,885 14,165 5,613 5,195 11,685
Digital1,292 - 4,363 511 - -
Other Group operations105 10,421 10,238 873 682 1,468
Retail Group27,446 39,037 71,655 30,318 28,838 59,630
Discontinued Finance business2 335 335 - - -
Total Group
9
27,448 39,372 71,990 30,318 28,838 59,630
(Unaudited)(Unaudited)(Audited)(Unaudited)(Unaudited)(Audited)
As at As at As at As at As at As at
27 January 28 January 29 July 27 January 28 January 29 July
2019 2018 2018 2019 2018 2018
$ 000 $ 000 $ 000 $ 000 $ 000 $ 000
Warehouse Segment541,723 583,574 553,351 240,168 237,262 230,594
Noel Leeming Segment266,800 222,653 230,790 145,995 129,270 133,356
Digital5,167 - 4,390 904 - 332
Other Group operations86,070 92,709 88,011 2,669 3,290 2,720
Retail Group899,760 898,936 876,542 389,736 369,822 367,002
Discontinued Finance business3,167 8,550 7,560 1,283 4,194 3,886
Operating assets / liabilities902,927 907,486 884,102 391,019 374,016 370,888
Unallocated assets / liabilities
Cash and borrowings

24,758 44,778 26,455 177,877 213,949 188,794
Derivative financial instruments

5,256 1,073 19,794 10,829 13,681 3,394
Intangible Goodwill and Brands

80,979 106,601 80,979 - - -
Taxation45,151 45,723 38,418 - 1,262 6,388
Total1,059,071 1,105,661 1,049,748 579,725 602,908 569,464
Operating performance
Capital expenditure and depreciation
Balance sheet information
REVENUEOPERATING PROFIT
DEPRECIATION & AMORTISATIONCAPITAL EXPENDITURE
TOTAL ASSETSTOTAL LIABILITIES
7

Notes to the Financial Statements - continued
4. ADJUSTED NET PROFIT
(Unaudited)(Unaudited)(Audited)
26 Weeks 26 Weeks 52 Weeks
Ended Ended Ended
27 January 28 January 29 July
Note
2019 2018 2018
$ 000 $ 000 $ 000
Adjusted net profit39,616 37,666 59,015
Add back: Unusual items
Gain on property disposal- - 218
Goodwill impairment (Torpedo7)
10
- - (25,622)
Restructuring costs(3,036)(3,223)(8,731)
Unusual items before taxation(3,036)(3,223)(34,135)
Income tax relating to unusual items850 902 2,384
Unusual items after taxation(2,186)(2,321)(31,751)
Net profit from continuing operations attributable to shareholders of the parent37,430 35,345 27,264
5. DIVIDENDS
(Unaudited)(Unaudited)(Audited)(Unaudited)(Unaudited)(Audited)
26 Weeks 26 Weeks 52 Weeks 26 Weeks 26 Weeks 52 Weeks
Ended Ended Ended Ended Ended Ended
27 January 28 January 29 July 27 January 28 January 29 July
2019 2018 2018 2019 2018 2018
$ 000 $ 000 $ 000
Prior year final dividend6.0 6.0 6.0 20,811 20,811 20,811
Interim dividend- - 10.0 - - 34,684
Total dividends paid6.0 6.0 16.0 20,811 20,811 55,495
CENTS PER SHAREDIVIDENDS PAID
Adjusted net profit reconciliation
Dividends paid
Certain transactions can make the comparison of profits between years difficult. The Group uses adjusted net profit as a key indicator of
performance and considers it provides a better understanding of underlying business performance and the Group also uses it as the basis for
determining dividend payments. Adjusted net profit makes allowance for the after tax effect of unusual items which are not directly connected with
the Group’s normal trading activities. The Group defines unusual items as any profits or losses from the disposal of properties or investments,
brand and goodwill impairment, direct costs and adjustments relating to business acquisitions or disposals and costs connected with restructuring
the Group.
On 18 March 2019 the Board declared a fully imputed interim dividend of 9.0 cents per ordinary share to be paid on 2 April 2019 to all shareholders
on the Group's share register at the close of business on 12 April 2019.
Restructuring Costs
In January 2017 the Group commenced a program of changes to its business operating model. The changes were designed to drive an improvement
in financial performance, reduce costs and generate greater customer relevance. The changes focused primarily on simplification to reduce
complexities, drive efficiencies and increase business agility. This involved strengthening and consolidating the various Group support service
functions to drive synergy benefits, deliver efficiencies and reduce complexity. It also involved combining The Warehouse and Warehouse Stationery
and similarly combining the Noel Leeming and Torpedo7 Groups by integrating their operating structures and executive leadership teams.
The first two stages of this process have been concluded and a third phase started in late 2017. The Group has partnered with a global management
consultancy firm to assist with the third phase of the multi-year transformation process and implementation. Direct costs associated with the
transformation and fees payable to the consultancy firm are treated as unusual items.
8

Notes to the Financial Statements - continued
6. TRADE AND OTHER RECEIVABLES
(Unaudited)(Unaudited)(Audited)
As at As at As at
27 January 28 January 29 July
2019 2018 2018
$ 000 $ 000 $ 000
Trade receivables45,760 41,789 45,677
Prepayments16,794 16,178 14,110
Rebate accruals and other debtors25,777 21,859 19,971
88,331 79,826 79,758
7. TRADE AND OTHER PAYABLES
(Unaudited)(Unaudited)(Audited)
As at As at As at
27 January 28 January 29 July
2019 2018 2018
$ 000 $ 000 $ 000
Trade creditors and accruals244,034 231,004 211,171
Goods in transit creditors28,264 21,940 24,545
Capital expenditure creditors1,124 549 1,864
Goods and services tax8,942 12,725 13,457
Reward schemes, lay-bys, Christmas club deposits and gift vouchers16,994 14,934 16,004
Interest accruals886 928 968
Payroll accruals8,721 9,228 11,019
Total trade and other payables308,965 291,308 279,028
8. PROVISIONS
(Unaudited)(Unaudited)(Audited)
As at As at As at
27 January 28 January 29 July
2019 2018 2018
$ 000 $ 000 $ 000
Current liabilities58,167 58,962 67,422
Non-current liabilities22,604 19,552 20,552
Total provisions80,771 78,514 87,974
Provisions consist of:
Employee entitlements67,060 65,011 76,063
Make good provision7,907 7,909 7,933
Sales returns provision5,677 4,104 3,724
Onerous lease127 1,490 254
Total provisions80,771 78,514 87,974
Trade and Other Receivables
Trade and Other Payables
Provisions
9

Notes to the Financial Statements - continued
9. PROPERTY, PLANT, EQUIPMENT AND COMPUTER SOFTWARE
(Unaudited)(Unaudited)(Audited)
As at As at As at
27 January 28 January 29 July
Note
2019 2018 2018
$ 000 $ 000 $ 000
Assets held for sale
15
1,516 11,874 49
Property, plant and equipment229,264 244,091 238,592
Computer software
10
37,920 27,321 34,352
Net book value268,700 283,286 272,993
Movement in property, plant, equipment and software
Balance at the beginning of the period272,993 281,364 281,364
Capital expenditure
3
27,448 39,372 71,990
Depreciation and amortisation
3
(30,318)(28,838)(59,630)
Disposals(1,423)(8,612)(20,731)
Balance at the end of the period268,700 283,286 272,993
10. INTANGIBLE ASSETS
(Unaudited)(Unaudited)(Audited)
As at As at As at
27 January 28 January 29 July
Note
2019 2018 2018
$ 000 $ 000 $ 000
Computer software
9
37,920 27,321 34,352
Brands23,523 23,523 23,523
Goodwill57,456 83,078 57,456
Net book value118,899 133,922 115,331
Movement in Goodwill
Balance at the beginning of the period57,456 83,078 83,078
Goodwill impairment (Torpedo7)
4
- - (25,622)
Balance at the end of the period57,456 83,078 57,456
Intangible Assets
Property, Plant, Equipment and Computer Software
The Group performs a detailed impairment assessment annually of the Group's intangible assets and considers if there are any indicators of
impairment at each interim reporting date. The Group’s interim review did not identify any significant indicators of impairment in any of the
Group’s cash generating units (CGU) except for the Torpedo7 Group.
The Torpedo7 trading performance continues to be disappointing and has caused the Group to reassess the carrying value of the two Torpdeo7
brand assets. Based on the impairment valuations calculated for the two brands it was determined that neither 1-day or the Torpedo7 brands
should be impaired at this time.
10

Notes to the Financial Statements - continued
11. BORROWINGS
(Unaudited)(Unaudited)(Audited)
As at As at As at
27 January 28 January 29 July
2019 2018 2018
$ 000 $ 000 $ 000
Cash on hand and at bank24,758 44,778 26,455
Bank borrowings37,612 73,981 43,715
Lease liabilities88 256 125
Current borrowings37,700 74,237 43,840
Bank borrowings15,000 15,000 20,000
Lease liabilities16 104 51
Fixed rate senior bond (coupon: 5.30%)125,000 125,000 125,000
Fair value adjustment relating to effective interest763 647 723
Unamortised capitalised costs on senior bond(602)(1,039)(820)
Non-current borrowings140,177 139,712 144,954
Total borrowings177,877 213,949 188,794
Net debt153,119 169,171 162,339
Committed bank credit facilities at balance date are:
Bank debt facilities
200,000 260,000 210,000
Bank facilities used(52,612)(88,981)(63,715)
Unused bank debt facilities147,388 171,019 146,285
Letter of credit facilities28,000 28,000 28,000
Letters of credit(1,711)(5,670)(5,516)
Unused letter of credit facilities26,289 22,330 22,484
Total unused bank facilities173,677 193,349 168,769
12. DERIVATIVE FINANCIAL INSTRUMENTS
(Unaudited)(Unaudited)(Audited)
As at As at As at
27 January 28 January 29 July
2019 2018 2018
$ 000 $ 000 $ 000
Current assets4,470 426 19,030
Non-current assets786 647 764
Current liabilities(5,979)(10,980)-
Non-current liabilities(4,850)(2,701)(3,394)
Total derivative financial instruments(5,573)(12,608)16,400
Derivative financial instruments consist of:
Current assets
4,470 426 19,030
Current liabilities(5,979)(10,980)-
Foreign exchange contracts(1,509)(10,554)19,030
Non-current assets786 647 764
Non-current liabilities(4,850)(2,701)(3,394)
Interest rate swaps(4,064)(2,054)(2,630)
Total derivative financial instruments(5,573)(12,608)16,400
US Dollar forward contracts - cash flow hedges
Notional amount (NZ$000)
320,991 353,576 369,225
Average contract rate ($)0.6833 0.7127 0.7153
Spot rate used to determine fair value ($)0.6846 0.7355 0.6795
Derivative Financial Instruments
Net debt
The Group continues to manage its foreign exchange and interest rate risks in accordance with the policies and parameters detailed in the 2018
Annual Report.
The Group’s foreign exchange contracts hedge forecast inventory purchases priced in US dollars over the next 12 months. The following table lists
the key inputs used to determine the fair value of the Group's foreign exchange contracts at balance date.
11

Notes to the Financial Statements - continued
13. FAIR VALUE MEASUREMENT
(Unaudited)(Unaudited)(Audited)
As at As at As at
27 January 28 January 29 July
Note
2019 2018 2018
Derivatives used for hedging
$ 000 $ 000 $ 000
Foreign exchange contracts(Level 2)
12
(1,509)(10,554)19,030
Interest rate swaps(Level 2)
12
(4,064)(2,054)(2,630)
Senior bond fair value adjustment relating to effective interest(Level 2)
11
(763)(647)(723)
(Unaudited)(Unaudited)(Audited)
As at As at As at
27 January 28 January 29 July
2019 2018 2018
Face value ($000)125,000 125,000 125,000
Coupon (%)5.30 5.30 5.30
Market yield (%)3.75 3.85 3.79
MaturityJune 2020 June 2020 June 2020
NZX quoted closing price ($)

1.02711 1.03924 1.03369
Fair value ($000)128,389 129,905 129,211
14. DISCONTINUED OPERATIONS
(Unaudited)(Unaudited)(Audited)
26 Weeks 26 Weeks 52 Weeks
Ended Ended Ended
27 January 28 January 29 July
2019 2018 2018
$ 000 $ 000 $ 000
Finance business revenue599 3,315 4,729
Expenses(2,815)(5,893)(8,188)
Business acquisition, disposal and restructuring costs- (1,458)(1,421)
Loss before interest and tax(2,216)(4,036)(4,880)
Interest expense(14)(324)(382)
Loss before tax(2,230)(4,360)(5,262)
Income tax benefit625 813 876
Loss from discontinued operations(1,605)(3,547)(4,386)
Cash flows from discontinued operations
Net cash flows from operating activities
966 (683)5,069
Net cash flows from investing activities(1,422)16,956 16,957
Net cash flows from financing activities542 (23,226)(28,753)
Asset / (Liability)
Fixed Rate Senior Bond
Financial Services Group results and cash flows
The following table sets out the Group’s financial instruments that are measured subsequent to initial recognition at fair values and are grouped into
levels based on the degree to which the fair value is observable:
Level 1 - fair value measurements derived from quoted prices in active markets for identical assets.
Level 2 - fair value measurements derived from inputs other than quoted prices included within level 1 that are observable for the asset or liability,
either directly or indirectly.
Level 3 - fair value measurements derived from valuation techniques that include inputs for the asset or liability that are not based on observable
market data.
There has been no transfers between levels or changes in the valuation methods used to determine the fair value of the Group’s financial instruments
during the current and comparative periods. Sensitivities to reasonably possible changes in non-market observable valuation inputs would not have a
material impact on the Group’s financial results.
Specific valuation techniques used to value financial instruments are:
• Forward exchange contracts determined using forward exchange market rates at the balance date (refer note 12).
• Interest rate swaps calculated as the present value of the estimated future cash flows based on the applicable market interest yield rates at balance
date.
Except for the Group’s fixed rate senior bond (refer note 11) and derivatives (detailed above) the carrying value of the Group’s financial assets and
liabilities approximate fair value. The fixed rate senior bond is listed on the NZX and measured at amortised cost. The fair value of fixed rate senior
bonds at balance date, based on the last price traded on the New Zealand stock exchange (level 1 valuation), were as follows.
In September 2017 the Group sold its Financial Services business, except for Diners Club (NZ) to SBS Banking Group. The Group’s attempts to sell
the remaining Diners Club (NZ) business have been unsuccessful and accordingly when the franchise agreement expired in December 2018, it was
not renewed. Membership was discontinued at that time and outstanding receivables are being collected.
The full year results and cash flows from the Financial Services Group are as follows.
12

Notes to the Financial Statements - continued
15. HELD FOR SALE
(Unaudited)(Unaudited)(Audited)
As at As at As at
27 January 28 January 29 July
2019 2018 2018
$ 000 $ 000 $ 000
Property1,474 11,818 -
Financial Services Group assets classified as held for sale
Finance business receivables
2,993 8,457 7,381
Plant and equipment9 17 12
Computer software33 39 37
Other assets132 37 130
Total assets classified as held for sale4,641 20,368 7,560
Other liabilities directly associated with assets held for sale(1,283)(4,194)(3,886)
16. COMMITMENTS
(Unaudited)(Unaudited)(Audited)
As at As at As at
27 January 28 January 29 July
2019 2018 2018
(a) Capital commitments
$ 000 $ 000 $ 000
Within one year1,021 2,969 2,783
(b) Operating lease commitments
Future minimum rentals payable
0-1 Years122,218 118,175 121,473
1-2 Years107,327 102,784 107,531
2-5 Years246,337 236,442 249,550
5+ Years213,547 247,459 234,207
Total operating lease commitments689,429 704,860 712,761
17. RELATED PARTIES
18. CONTINGENT LIABILITIES
Held for sale
Commitments
Capital expenditure contracted for at balance date but not recognised as liabilities is
set out below:
Commitments for minimum lease payments in relation to non-cancellable operating
leases at balance date are as follows:
The Group has no material contingent liabilities other than those arising in the normal course of business, being primarily letters of credit issued
to secure future purchasing requirements and store lease commitments.
Except for Directors' fees, key executive remuneration and dividends paid by the Group to its Directors, there have been no other related party
transactions during the period.
The assets and liabilities relating to the discontinued Financial Services Group (refer note 14) have been classified as held for sale since the Group
committed to a plan to dispose of this business segment in July 2017. In addition to the net assets of the Financial Services Group the Group also
held surplus property assets which it intends to sell. At balance date the Group is currently in the process of selling surplus land at the Group’s
support office, Auckland.
13

Notes to the Financial Statements - continued
19. ACCOUNTING STANDARDS
20. ACCOUNTING STANDARDS WHICH ARE RELEVANT TO THE GROUP BUT ARE NOT YET EFFECTIVE
The Group adopted two new accounting standards during the period, NZ IFRS 9 ‘Financial Instruments’ and NZ IFRS 15 ‘Revenue from
Contracts with Customers’. The adoption of these two new standards did not have a material impact on the Group’s financial statements and
accordingly the Group has elected not to restate comparative information.
NZ IFRS 9: Financial Instruments
NZ IFRS 9 “Financial Instruments” replaced the previous Financial Instruments standard (NZ IAS 39) with effect for the Group from 30 July
2018. The new standard addresses the classification, measurement and recognition of financial assets and liabilities, introduced new rules for
hedge accounting and a new impairment model for financial assets. The two areas which potentially impacted the Group concerned hedge
accounting and the impairment provisions for trade receivables.
Hedge accounting - the Group’s current hedge relationships continued to qualify as effective hedges upon the adoption of NZ IFRS9.
Accordingly, the Group has not experienced any profit impact from implementing the new accounting treatment for its hedge relationships. The
nature and extent of the Group’s note disclosures in the annual financial statements in relation to its hedge relationships will however need to be
amended to accommodate the requirements of the new reporting standard.
Trade receivables impairment provisions – the new standard changed the way impairment of Financial Assets (classified at amortised cost) are
calculated from an ‘incurred credit loss’ model as previously stipulated under NZ IAS 39 to an ‘expected credit loss’ model. Based on the
Group’s assessment of historical provision rates and forward-looking analysis, there was no material impact on the impairment provisions.
NZ IFRS 15: Revenue from Contracts with Customers
NZ IFRS 15, 'Revenue from contracts with customers' replaced the current revenue recognition guidance in NZ IAS 18 'Revenue' and NZ IAS 11
'Construction Contracts’ and related interpretations with effect for the Group from 30 July 2018. The new standard is based on the principle that
revenue is recognised when control of a good and service transfers to a customer.
The Group assessed the potential impact of NZ IFRS 15 which involved segregating the different revenue streams within the Group and
analysing any impact arising from the new accounting standard. The majority of revenue is made up of in store transactions where performance
obligations are generally satisfied at the point of sale, with less than 10% earned through online sales. Accounting for online sales was the only
area identified as potentially having a material impact on the Group.
Accounting for online sales - the Group's online transactions provide customers with the option for direct delivery or collection of goods from the
store. Under NZ IFRS 15, an assessment must be made in these arrangements whether control has transferred to the customer, even though
the customer does not have physical possession of the goods. Another consideration for online sales is whether arranging the delivery of
goods is a separate performance obligation that impacts the timing, measurement and classification of revenue recognised. The Group has
assessed the implications of these matters and concluded that there was a small deferral in the timing of revenue recognition arising from the
adoption of NZ IFRS 15 which resulted in an adjustment to opening retained earnings of $0.275 million.
The Group did not identify any other material changes from the adoption of NZ IFRS 15.
NZ IFRS 16: Leases
NZ IFRS 16, ‘Leases’, replaces the current guidance in NZ IAS 17 and will be adopted by the Group from 28 July 2019. The current accounting
model for leases requires a distinction between a finance lease (on balance sheet) and an operating lease (off balance sheet). NZ IFRS 16 will
require a lessee to recognise a lease liability reflecting future lease payments and a ‘right-of-use asset’ for virtually all lease contracts. The
income statement will also be impacted by the recognition of interest and depreciation expenses and the removal of the current rental expense.
The Group has been evaluating and planning for the adoption and implementation of NZ IFRS16 including selecting a new lease accounting
system, evaluating practical expedient and accounting policy elections, and assessing the overall financial statement impact. While the impact of
NZ IFR16 is non-cash in nature and will not affect the Group’s cash flows it will have a material impact on the Group’s reported financial
position.
The Group currently intends to use a simplified transition approach on adoption of NZ IFRS 16, this expedient however does not permit the
Group to restate comparative amounts for the periods prior to adoption. Management has estimated the impact of NZ IFRS 16 using the
‘modified retrospective approach’ at the date of adoption based on the Group’s current operating leases. The model required management to
make some key judgements including:
• the incremental borrowing rate used to discount lease assets and liabilities; and
• the lease term including potential rights of renewals.
On adoption the Group will recognise the following balance sheet line items:
• Recognition of a right of use asset;
• Recognition of a deferred taxation asset;
• Recognition of a lease liability; and
• Decrease in opening retained earnings
The impact on the consolidated income statement for the period ended 2 August 2020 is expected to decrease occupancy expenses, increase
amortisation expenses and increase interest expenses. The impact on each of these line items is significant however management do not
expect the overall effect on net profit attributable to shareholders to be material. An estimate of the impact of the new standard was disclosed in
the 29 July 2018 financial statements.
14

---

PricewaterhouseCoopers, 188 Quay Street, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, F: +64 9 355 8001, pwc.co.nz
Independent review report
To the shareholders of The Warehouse Group Limited

Report on the interim financial statements
We have reviewed the accompanying interim financial statements of The Warehouse Group Limited
(the Company) and its subsidiaries (the Group) on pages 2 to 14, which comprise the consolidated
balance sheet at 27 January 2019, and the consolidated income statement, consolidated statement of
comprehensive income, the consolidated statement of changes in equity and the consolidated
statement of cash flows for the period ended on that date, and a summary of significant accounting
policies and selected explanatory notes.
Directors’ responsibility for the interim financial statements
The Directors are responsible on behalf of the Company for the preparation and fair presentation of
these interim financial statements in accordance with International Accounting Standard 34 Interim
Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting Standard 34
Interim Financial Reporting (NZ IAS 34) and for such internal control as the Directors determine is
necessary to enable the preparation of interim financial statements that are free from material
misstatement, whether due to fraud or error.
Our responsibility
Our responsibility is to express a conclusion on the accompanying interim financial statements based
on our review. We conducted our review in accordance with the New Zealand Standard on Review
Engagements 2410 Review of Financial Statements Performed by the Independent Auditor of the
Entity (NZ SRE 2410). NZ SRE 2410 requires us to conclude whether anything has come to our
attention that causes us to believe that the interim financial statements, taken as a whole, are not
prepared in all material respects, in accordance with IAS 34 and NZ IAS 34. As the auditors of the
Company, NZ SRE 2410 requires that we comply with the ethical requirements relevant to the audit of
the annual financial statements.
A review of interim financial statements in accordance with NZ SRE 2410 is a limited assurance
engagement. The auditor performs procedures, primarily consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review
procedures.
The procedures performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing (New Zealand) and International
Standards on Auditing. Accordingly, we do not express an audit opinion on these interim financial
statements.
We are independent of the Group. Our firm carries out other services for the Group as providers of
treasury advisory services and agreed upon procedures at the Annual Shareholders’ Meeting. In
addition, certain partners and employees of our firm may deal with the Group on normal terms within
the ordinary course of trading activities of the Group. These relationships have not impaired our
independence as auditor of the Group.

PwC 2
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these interim
financial statements of the Group do not present fairly, in all material respects, the financial position
of the Group as at 27 January 2019, and of its financial performance and cash flows for the period then
ended, in accordance with IAS 34 and NZ IAS 34.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our review work has been
undertaken so that we might state to the Company’s shareholders those matters which we are required
to state to them in our review report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the shareholders, as a body, for our
review procedures, for this report, or for the conclusion we have formed.

For and on behalf of:






Chartered Accountants Auckland
18 March 2019

---

Name of issuer THE WAREHOUSE GROUP LIMITED
Financial product description Ordinary Shares (346,843,120)
NZX ticker code WHS
ISIN NZWHSE0001S6
Type of distribution Full Year Quarterly
Half Year
X
Special
DRP Applies Not Applicable
Record date Close of trading on: 02 April 2019
Ex-Date 01 April 2019
Payment date 12 April 2019
Total monies associated with the distribution $31,215,881
Source of distribution Retained earnings
Total amount $0.125000
Cash per financial product $0.090000
Supplementary distribution $0.015882
Is this distribution imputed? Fully imputed
Partial imputation
No imputation
$0.035000
$0.006250
Date of release through MAP
The Warehouse Group Limited
Corporate Action Notice (for a Distribution)
Name of person authorised to
make this announcement
Jonathan Oram (Group Chief Financial Officer)
Contact phone number 09 217 7651
imputation rate as % applied
100%
Imputation tax credits per financial product
Authority for this announcement
If fully or partially imputed, please state
Contact email address Jonathan.Oram@thewarehouse.co.nz
19 March 2019
Issuer Information
Distribution amounts
Taxation
Resident withholding tax amount per financial product

---

Quarterly Sales
Reporting Period 26 weeks to 27 January 2019
Previous Reporting Period 26 weeks to 28 January 2018
Quarterly Retail Sales information:
SalesSales
(30 July 2018 to 28 October 2018)
20192018
($ Million)($ Million)
The Warehouse 360.1 352.9 + 2.0 % + 2.7 %
Warehouse Stationery61.7 59.1 + 4.4 % + 4.1 %
Noel Leeming209.6 195.1 + 7.4 % + 3.2 %
Torpedo737.0 39.2 - 5.6 % - 2.7 %
SalesSales
(29 October 2018 to 27 January 2019)
20192018
($ Million)($ Million)
The Warehouse 569.4 577.4 - 1.4 % - 0.3 %
Warehouse Stationery71.1 69.9 + 1.7 % + 1.2 %
Noel Leeming277.7 258.8 + 7.3 % + 6.5 %
Torpedo752.9 49.4 + 7.1 % + 3.1 %
SalesSales
(30 July 2018 to 27 January 2019)
20192018
($ Million)($ Million)
The Warehouse 929.5 930.3 - 0.1 % + 0.8 %
Warehouse Stationery132.8 129.0 + 3.0 % + 2.5 %
Noel Leeming487.3 453.9 + 7.4 % + 5.1 %
Torpedo789.9 88.6 + 1.5 % + 0.7 %
Store Numbers
20192018201920182019201820192018
Start Quarter 2939377 78 70 69 18 11
End Quarter 2939377 79 70 70 18 11
20192018201920182019201820192018
Start Quarter 2504,602 503,970 80,273 74,591 71,376 73,216 26,186 12,652
End Quarter 2504,602 507,476 80,273 76,055 71,376 72,895 26,186 12,652
- - - -
- - - -
- - - -
- - - -
First quarter sales
Change in
sales
Change in
same store
sales
Year to date sales
Change in
sales
Change in
same store
sales
Second quarter sales
Change in
sales
Change in
same store
sales
Noel LeemingWarehouse StationeryTorpedo7The Warehouse
Store
closure
Store
extension/
reduction
The Warehouse
Warehouse Stationery
Warehouse StationeryTorpedo7Noel Leeming
Store footprint
(Square Metres)
The Warehouse Group Limited
Supplementary Information
The Warehouse
Noel Leeming
Torpedo7
Store changes during the quarter
New
store
Replacement
store