The Warehouse Group enjoyed a record result throughout FY21, with sales up 7.6 per cent to $3.7 billion and net profit hitting $117.7 million – 164 per cent higher than a year prior.

According to the group, which owns and operates The Warehouse, Noel Leeming, Torpedo7, Warehouse Stationery, and The Market, the strong result came care of the agile trading model that allowed it to operate effectively in an uncertain period.

Online sales also contributed, growing 5 on last year and accounting for 11.5 per cent of total sales.

And, the business was able to repay the $67.6 million in wage subsidies it took during 2020 due to its success.

“FY21 has given us further confidence that our customer-led strategy is the right one,” said chief executive Nick Grayston.

“We are seeing the benefits of our transformation programme and we are part way through significant digital investment to improve legacy systems and set ourselves up to give our teams and customers an even better experience.”

According to Grayston the group introduced a new group-wide e-commerce platform during the year, which will help to keep performance level across its brands, and will allow it to more easily invest across its ecosystem.

The Warehouse sales increased 5.8 per cent to $1.8 billion, while Noel Leeming’s sales grew 11.7 per cent.

Torpedo7 sales grew 22.2 per cent to $158.7 million, while Warehouse Stationery’s sales jumped 2.2 per cent.

Plus, a focus on inventory management led it to reduce its ‘aged inventory’ across the group from 28.1 per cent to 16.1 per cent of total stock.