The group's reported pre-abnormal profit of $73.7 million was slightly below Forsyth Barr's expectations and at the lower end of recent earnings guidance of $73 million to $76 million.
The profit was up 13.1% on the previous corresponding period's $65.2 million, helped by the acquisition of Noel Leeming and Torpedo7 over the period, she said.
The Warehouse reported a final dividend of 5.5c per share, taking the full-year dividend to 21cps, below Forsyth Barr's forecast 22cps.
The gross margin fell 1.7% to 34.2% in the period.
''No specific guidance or commentary was given. We expect profit growth in 2014 to be helped by full-year contributions from both Noel Leeming and Torpedo7 acquisitions. We are not expecting to make material changes to our earnings or our $3.45 share target price,'' Ms Kinnaird said.
Shares in the group rose 2.93% after the announcement to $3.85.
The Warehouse group chief executive Mark Powell said the Red Sheds result was a solid result with 10 quarters of positive same store sales and the introduction of several leading international technology and appliance brands. While the operating profit was up 5.3% to $85.2 million, indicating steps in the right direction, it was still early days.
''We will continue to invest in store refits and our people in 2014.''
Red Sheds sales for the full year were $1.6 billion, an increase of 4.4%, or $67 million, on the pcp and up $128 million since 2011. Same store sales increased 2%. Warehouse Stationery sales were $321.8 million, an increase of 12.2% compared with last year. Same store sales were up 2.8%. Operating profit was up 4.8% to $10.3 million.
Noel Leeming's results from continuing operations under The Warehouse Group ownership were: sales of $390.7 million, operating profit of $11 million and a same store sales growth of 7%. The second half saw sales of $273.5 million and a same store sales increase of 6.4%. Same store sales in the fourth quarter were 6.8%.
Merging Bond and Bond and Noel Leeming went well and Noel Leeming continued to perform ahead of expectations, Mr Powell said.
