The Warehouse Group's annual net profit has fallen more than 46 percent to $77.8 million for the year ended 27 July.
The discount retailer said its lower net profit of nearly $77.8 million for the year ended late July reflected the strategic re-shaping the company was undergoing.
That includes refurbishing the Warehouse stores, rebranding Warehouse Stationery and Noel Leeming and building its Torpedo7 business.
The company's sales rose 18.3 percent to $2.65 billion.
A Warehouse spokesperson said it was confident its strategy would deliver results but it was too early to provide guidance for the current year's earnings.
