WHS provides FY26 third quarter trading update

NZX | Media release – 15 May 2026
The Warehouse Group provides FY26 third quarter trading
update
The Warehouse Group (“the Group”) has today provided a trading update for the 13 weeks
ended 3 May 2026 (“FY26 Q3”).
• Group sales were $700.8 million, down 1.4% compared to the 13 weeks ending 27
April 2025 (“FY25 Q3”). Group like for like same store sales
1
were flat compared to
the corresponding 13 weeks ending 4 May 2025
• Group sales year to date for the 39 weeks ending 3 May 2026 were $2.3 billion, up
0.7% on a like for like same store sales basis
• The Warehouse FY26 Q3 sales were $405.3 million, down 2.5% compared to FY25
Q3, with like for like same store sales down 0.8%
• Warehouse Stationery FY26 Q3 sales were $57.1 million, down 2.9% compared to
FY25 Q3, with like for like same store sales up 3.1%
• Noel Leeming FY26 Q3 sales were $236.6 million, up 0.7% compared to FY25 Q3,
with like for like same store sales up 1.1%
• Group gross profit margin up 50 basis points in FY26 Q3 compared to the same
period last year, and up 10 basis points for FY26 year to date compared to the same
period last year
• Noel Leeming will open a new flagship store on Queen Street in Auckland later this
year
The Group delivered a stable trading result for the quarter ended 3 May 2026, with sales flat
on a like for like same store sales basis, despite growing pressure on consumer confidence
throughout the quarter.
Group Chief Executive Officer Mark Stirton said the result reflected progress on improving
retail fundamentals in an increasingly tough climate. “As fuel prices rose, we saw customers
become more conscious of travel, making fewer shopping trips but buying more when they
visited our stores,” said Mr Stirton.
Group foot traffic declined 1.8% during the quarter, while average customer basket size
increased 2.7%. Group online sales increased 5.4% in FY26 Q3, representing 6.8% of total
sales, up from 6.4% in FY25 Q3, driven by particularly strong online growth in Noel Leeming.

1
Like for like same store sales excludes online sales and Noel Leeming Commercial sales and compares 13
weeks and 39 weeks (YTD) ending 3 May 2026 with 13 weeks and 39 weeks (YTD) ending 4 May 2025,
adjusting for the 53rd week in FY25.

2
The Warehouse Group Limited
26 The Warehouse Way, Northcote, Auckland 0627
Improved margin management, particularly in Warehouse Stationery and Noel Leeming,
partially offset by a decline in The Warehouse, resulted in Group gross profit margin up 50
basis points to 31.9% in FY26 Q3 compared to FY25 Q3, and up 10 basis points to 32.2%
for FY26 year to date compared to the same period last year.
“Cost discipline and working capital management remains our immediate priority while we
continue the work to lift margin performance.” said Mr. Stirton.
Brand performance
The Warehouse
The Warehouse FY26 Q3 sales were $405.3 million, down 2.5% on FY25 Q3, with like for
like same store sales down 0.8%. The Warehouse sales year to date were $1.4 billion, up
1.4% on a like for like same store sales basis compared to 39 weeks ending 4 May 2025.
Sales grew in important categories including health and beauty and apparel as range and
store experience improvements took effect.
Warehouse Stationery
Warehouse Stationery FY26 Q3 sales were $57.1 million, down 2.9% on a reported basis,
reflecting the timing of the peak back to school trading week falling in FY26 H1. Like for like
same store sales, which normalises for this timing, increased 3.1%. Warehouse Stationery
sales year to date were $173.2 million, up 1.7% on a like for like same store sales basis.
Noel Leeming
Noel Leeming reversed the sales decline seen in the first half, delivering FY26 Q3 sales of
$236.6 million, up 0.7% on a reported basis and up 1.1% on a like for like same store sales
basis, reflecting a strong Easter trading period. Noel Leeming sales year to date were
$778.9 million, down 0.7% on a like for like same store sales basis.
Store footprint growth - Noel Leeming Auckland Central flagship
Noel Leeming will return to Auckland’s city centre this summer with the opening of a new
flagship store at 192 Queen Street. Noel Leeming Chief Executive Officer Jason Bell said
the new store reflects the growing importance of experience-led retail.
“We’re bringing Noel Leeming back to the city centre with a store designed to offer
something different for customers,” said Mr Bell. “Alongside the latest technology, the Queen
Street store will feature a more modern design and interactive product demos, gaming
events and expert service, creating an exciting experience for customers.”
The store’s opening is expected to broadly coincide with the launch of the City Rail Link and
Te Waihorotiu station. Noel Leeming last operated on Queen Street in 2021.
Outlook
Looking ahead, trading conditions are expected to remain challenging, with inflationary
pressures, global instability and an uncertain domestic economy continuing to affect
consumers and businesses.

3
The Warehouse Group Limited
26 The Warehouse Way, Northcote, Auckland 0627
Like other retailers, the Group is seeing higher costs, particularly across international and
domestic freight. The Group is managing these pressures through disciplined retail
execution and a continued focus on strengthening the fundamentals of the business.
“We’re doing everything we can to balance providing everyday value for customers while
managing the impact of higher costs on our business,” said Mr Stirton. “In this environment,
our priority is to stay focused on what we can control.”
Ends
For media queries please contact: For investor queries please contact:
Lizzie Havercroft
General Manager Corporate Affairs
+64 27 507 0613
lizzie.havercroft@twgroup.co.nz
Julia Belk
Investor Relations Manager
+64 21 240 8997
julia.belk@thewarehouse.co.nz

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Quarterly Sales
Reporting Period 39 weeks to 3 May 2026
Previous Reporting Period (2025) 39 weeks to 27 April 2025
Quarterly Retail Sales information:
SalesSales
(4 August 2025 to 1 February 2026)
20262025
($ Million)($ Million)
The Warehouse
949.5 944.7
+ 0.5 % + 1.2 %
Warehouse Stationery116.1 109.8
+ 5.7 % + 1.8 %
Noel Leeming542.2 548.9
- 1.2 % - 1.3 %
Total Group
1
1,612.1 1,607.2
+ 0.3 % + 0.5 %
SalesSales
(2 February 2026 to 3 May 2026)
20262025
($ Million)($ Million)
The Warehouse
405.3 415.9
- 2.5 % - 0.8 %
Warehouse Stationery57.1 58.8
- 2.9 % + 3.1 %
Noel Leeming236.6 234.9
+ 0.7 % + 1.1 %
Total Group
1
700.8 710.5
- 1.4 % + 0.0 %
SalesSales
(4 August 2025 to 3 May 2026)
20262025
($ Million)($ Million)
The Warehouse
1,354.8 1,360.6
- 0.4 % + 1.4 %
Warehouse Stationery173.2 168.6
+ 2.7 % + 1.7 %
Noel Leeming778.9 783.8
- 0.6 % - 0.7 %
Total Group
1
2,312.9 2,317.7
- 0.2 % + 0.7 %
Store Numbers
202620252026202520262025
Start Quarter 3
84 85 66 66 67 66
End Quarter 3
84 85 66 66 67 66
Store footprint
(Square Metres)
202620252026202520262025
Start Quarter 3
454,868 460,229 79,899 80,233 52,588 51,524
End Quarter 3
454,868 459,036 79,899 79,868 52,588 51,852
- - - -
- - - -
- - - -
Note:
The Warehouse Group Limited
Supplementary Information
First half sales
Change in
sales
Change in
same store
sales
2,3
The WarehouseNoel LeemingWarehouse Stationery
The WarehouseNoel LeemingWarehouse Stationery
Third quarter sales
Change in
sales
Change in
same store
sales
2,3
Year to date sales
Change in
sales
Change in
same store
sales
2,3
Store changes during the quarter
New
store
Replacement
store
Store
closure
Store
extension/
reduction
3) Same store sales excludes Online Sales
The Warehouse
Warehouse Stationery
Noel Leeming
1) Total Group sales includes ChocolateWorks, eliminations and other Group operations in addition to the 3 main retail operations detailed above.
2) Same store sales calculated on a "like for like" basis are adjusted for the timing effects of last years 53rd week period. This means the comparable period
for the third quarter "like for like" same store sales calculation is the 13 week period ending 4 May 2025.