Should I buy Warehouse Group stock in 2025? Full NZ Review

What is the Warehouse Group?

How much is the Warehouse Group stock?

The price of Warehouse Group stock is rising this week. As of now, WHS trades at NZ$0.95, marking a 10.47% increase over the last 24 hours, though it remains down 6.74% over the past week.

With a very low beta of 0.14, Warehouse Group’s share price demonstrates low volatility, making it a more stable choice in the fluctuating New Zealand retail market.

Our full analysis on the Warehouse Group stock

We have thoroughly reviewed The Warehouse Group’s latest financial results alongside its share price evolution over the past three years, synthesizing multiple sources of in-depth analysis—ranging from financial health to technical signals, comprehensive market data, and competitors—enhanced by our proprietary analytics engine. The convergence of these indicators now paints a nuanced but increasingly constructive picture for the stock as it emerges from a transformative period. So, why might Warehouse Group stock once again become a strategic entry point into New Zealand’s dynamic retail sector as 2025 unfolds?

Recent Performance and Market Context

Over the past twelve months, Warehouse Group (NZX: WHS) has seen its share price correct by -15.2%, closing at NZ$ 0.95 as of 30 May 2025. While this retreat has mirrored macro headwinds that pressured much of NZ’s retail segment, notable is the recent intraday rebound of +10.47% (+NZ$ 0.09), signalling a surge in market interest following the latest earnings release. Over a six-month horizon, the stock is down 8.7%, a moderation compared to its one-year performance.

This price action must be considered in the context of Warehouse Group’s recent operational turnaround. The company posted a return to profitability in its half-year results (NZ$ 11.8m net profit for H1 FY25), marking a decisive reversal from prior losses. The wider consumer sector in NZ is showing early signs of recovery, with consumer confidence metrics stabilising and the Reserve Bank signalling a potential pause in rate hikes. Meanwhile, the retail sector’s digital transformation and operational realignments—hallmarks of Warehouse Group’s strategy—are increasingly viewed by the investment community as drivers of future value creation.

Notably, the sector backdrop is shifting: while competition remains fierce, leading players demonstrating adaptive capacity are well-positioned to capture incremental demand as economic tailwinds return.

Technical Analysis

A multi-layered technical review suggests Warehouse Group is, at the very least, finding a medium-term floor, with multiple indicators aligning to signal the emergence of upside momentum.

• Relative Strength Index (RSI): Currently at 62.45, in the upper neutral zone, suggesting the stock is neither overbought nor oversold, but gaining upward strength.
• MACD (12,26): At 0.02, delivers its first positive crossover in months—a classic buy-signal for technical traders, hinting that short-to-medium-term bullish momentum is accumulating.
• Moving Averages: Price now trades above the 20-day (NZ$ 0.85), 50-day (NZ$ 0.84), and 100-day (NZ$ 0.91) moving averages—all strong short-term bullish signals. The only lingering technical resistance is the 200-day MA (NZ$ 1.01). A break above this level could further reinforce a lasting reversal.
• Support and Resistance: The current price sits comfortably above the critical support of NZ$ 0.79 (52-week low) with immediate resistance at NZ$ 0.87 (short-term MA), and significant room toward the 52-week high at NZ$ 1.52.

The conjunction of these signals, especially the recent price recovery and indicators crossing above key averages, suggests that Warehouse Group shares may be poised for a sustained rebound, making this a compelling entry zone for technically oriented investors.

Fundamental Analysis

From a fundamental perspective, Warehouse Group is transitioning out of a challenging period marked by declining revenues and compressed profits—but recent evidence points to improving operational health and a rationale for renewed confidence.

• Earnings Recovery: After a difficult FY24 (revenue NZ$ 3.04bn, net profit NZ$ 6.1m), H1 FY25 has brought about a marked return to profitability, with net profit of NZ$ 11.8m. This recovery, despite a modest 1.6% revenue dip YoY, underscores success in cost rationalisation and operational reset.
• Valuation: The stock trades at a negative PER (-17.6) owing to legacy losses, but this headline figure belies a stabilising earnings backdrop. Given a market capitalisation of NZ$ 329.5m and a price-to-sales ratio driven down by recent corrections, current valuations appear undemanding relative to medium-term earnings potential—particularly as management expects operational EBIT in H2 FY25 to trend in line with last year’s low, setting a conservative base for upside surprises.
• Structural Strengths:
• Brand Equity: With its 40+ year history, Warehouse Group owns some of New Zealand’s most recognised retail brands, including The Warehouse, Warehouse Stationery, Noel Leeming, and Torpedo7.
• Market Share: As a true retail conglomerate, WHS commands leading or strong market positions across general merchandise, electronics, and sporting goods.
• Digital Platform: TheMarket.com, while only 5.1% of group sales, provides an increasingly valuable e-commerce “optionality” at a time when omnichannel retail adoption continues to accelerate.

Efficiency initiatives, robust brand equity, and a solid multi-segment structure offer a strong foundation for renewed profitability and revenue optimisation once cyclical headwinds abate. The turnaround in net profit and cash flows validates restructuring actions taken by management.

Volume and Liquidity

Liquidity remains ample, with a daily average volume of over 54,000 shares (three-month average of 97,300), laddering up confidently for a mid-cap NZX stock. The significant free float (274.5 million shares out of 346.8 million issued) promotes dynamic price discovery and supports institutional interest. The recent surge in volume coinciding with price appreciation suggests rising market conviction and potential accumulation by informed investors.

A low beta of 0.14 indicates limited correlation with broader market swings, which is particularly attractive for funds or private investors seeking diversification within the NZ equities landscape.

Catalysts and Positive Outlook

Multiple upside levers validate an optimistic scenario for Warehouse Group into 2025 and beyond.

• Operational Restructuring: Management’s repositioning to enhance efficiency and trim costs is already producing tangible improvements in profitability, as reflected in H1 results.
• E-Commerce Growth: Although still representing a modest share of revenues (5.1%), TheMarket.com and digital integration across brands are poised to scale as NZ’s online shopping penetration rises—delivering both margin and top-line expansion potential.
• Segment Diversification: Revenue streams span defensive consumer goods (The Warehouse), stationery (Warehouse Stationery), technology/electronics (Noel Leeming), and sports (Torpedo7)—allowing cross-segment resilience and exposure to structural consumption trends.
• ESG and Sustainability: WHS has made visible progress on environmental and supply chain initiatives—a growing requirement for institutional ownership and consumer loyalty alike.
• Potential for Positive Earnings Surprises: The company forecasts H2 EBIT to mirror what was a challenging prior comparable—meaning any outperformance could drive rapid re-rating.
• Sector Tailwinds: As consumer sentiment stabilises, retail names with scale and brand recognition are well-placed to capture pent-up demand.

Viewed collectively, these factors constitute a formidable array of growth engines and bull-case catalysts.

Investment Strategies

Given its multi-phase recovery trajectory, Warehouse Group presents a rare convergence of entry points for different investor profiles:

• Short-Term (Tactical): Traders may seek to capitalise on the stock’s recent technical momentum—particularly if the price sustains above the critical 50- and 100-day moving averages and approaches the 200-day mark at NZ$ 1.01, which would trigger additional buy-side momentum.
• Medium-Term (6–18 months): Investors targeting the 20–30% re-rating potential (implied by a technical price target of NZ$ 1.24) can look to accumulate on any retracement toward support at NZ$ 0.87–0.91, with further gains likely should operational improvements accelerate.
• Long-Term (Structural): Long-horizon holders may view current price levels as an attractive entry for exposure to NZ’s structural consumption recovery, with Warehouse Group positioned to benefit from e-commerce scaling, brand strength, and potential margin expansion as industry dynamics shift.

The current setup—trading near the lower band of its historical range with early indicators of fundamental and technical improvement—presents a compelling window for staged capital deployment or for investors seeking to benefit from an anticipated sector rotation.

Is it the Right Time to Buy Warehouse Group?

Summing up, Warehouse Group’s blend of turn-around fundamentals, emergent technical signals, sector-leading market share, and robust balance sheet support a decisively positive outlook. Its pathway back to profitability—anchored by recent results and visible restructuring gains—justifies renewed attention from investors. The stock’s undemanding valuation, combined with robust liquidity, further reinforce the case for considering an entry at current levels.

With powerful multi-segment potential, accelerating digitalisation, and the likelihood of upward earnings surprises as macro conditions improve, Warehouse Group may be on the verge of entering a new bullish phase. For those seeking exposure to a blue-chip NZ retailer with substantial brand equity and a credible roadmap to sustainable recovery, Warehouse Group seems to represent an excellent opportunity—and could soon re-emerge as a core holding in any forward-looking New Zealand equity portfolio.

As the company executes on its operational transformation and the broader NZ retail sector stabilises, the window for strategic entry appears not only open, but increasingly attractive for discerning investors.

How to buy Warehouse Group stock in NZ?

Buying Warehouse Group stock online is both simple and secure for NZ investors thanks to reputable, regulated brokers overseen by the Financial Markets Authority (FMA). You have two main options: buying the shares outright (“spot buying”) or speculating on price movements with Contracts for Difference (CFDs), which allow leverage. Both methods can be done entirely online, with fast account setup and robust security measures. Below, we’ll explain how each approach works, their typical costs and practical examples—plus, you’ll find a detailed comparison of top NZ brokers further down this page.

Spot buying

Buying Warehouse Group stock “for cash” means you become a direct shareholder: you own the real WHS shares listed on the NZX, benefit from any share price gains and are eligible for future dividends. Most NZ online brokers offer spot buying for a fixed commission per trade (commonly NZ$5–$15, depending on the platform).

Example

If the Warehouse Group share price is NZ$0.95 and you invest NZ$1,000, a typical NZ broker will charge a flat NZ$5 fee. You can purchase around 1,047 shares (NZ$1,000 – NZ$5 commission = NZ$995 ÷ NZ$0.95 ≈ 1,047 shares).
✔️ Gain scenario: If the share price rises by 10% to NZ$1.045, your shares are now worth around NZ$1,100.
Result: That’s a NZ$100 gross gain, or +10% on your investment (before any tax).

Trading via CFD

CFDs (Contracts for Difference) let you speculate on Warehouse Group’s price movements without owning the real shares. With CFDs, you can use leverage—meaning you only put down a portion of the position’s value, but your gains (and losses) are amplified. Fees typically include a “spread” (the small difference between buying/selling prices) and overnight financing costs if you hold positions longer than a day.

Example

You open a CFD position on Warehouse Group using NZ$1,000 at 5x leverage—giving you total market exposure of NZ$5,000.
✔️ Gain scenario: If the stock price rises 8%, your position gains 8% × 5 = 40%.
Result: You make a NZ$400 gain (excluding spreads and funding fees) on a NZ$1,000 outlay. Remember: leverage magnifies both gains and potential losses.

Final advice

Before you invest, it’s essential to carefully compare NZ brokers’ fees, platforms, and trading conditions, as they can vary widely. Your best method—direct share ownership or leveraged CFDs—depends on your financial goals and risk appetite. For an up-to-date comparison of regulated NZ brokers and their features, check the broker comparator further down this page. Investing is within everyone’s reach—choose the approach that’s right for you!

Our 7 tips for buying Warehouse Group stock

The latest news about the Warehouse Group

The Warehouse Group stock surged over 10% intraday, indicating renewed investor optimism. On May 30, 2025, Warehouse Group shares experienced a strong intraday jump of +10.47%, closing at NZ$0.95. This move stands out amid generally lacklustre sentiment around the company and the broader NZ retail sector, suggesting that investors are responding positively to recent operational updates or technical setup, possibly linked to the group’s ongoing restructuring. The rise follows largely negative trends over the past week and year, but signals that constructive momentum may be returning as buyers step in at technical support levels.

Latest financials confirm a return to net profitability for H1 2025, easing market concerns. According to the semi-annual results released in late March 2025 covering the period up to January 26, 2025, Warehouse Group posted a net profit of NZ$11.8 million, compared to a loss in the prior year’s period. While overall revenue fell 1.6% year-on-year, this return to profitability was well received as it stands in contrast to the losses earlier flagged in the 2024 full-year results. The market views this as an encouraging signal of management’s ability to stabilize core operations, with improved cost control likely the driver despite modestly softer sales. Analysts expect these gains to support sentiment and provide a foundation for further recovery initiatives.

Technical analysis highlights near-term bullish signals, supporting positive sentiment for the stock. Current technical metrics underline a more constructive outlook: the MACD has turned positive, and the RSI (62.45) sits in neutral territory, suggesting there is room for further upside. Notably, short- to mid-term moving averages (20, 50, 100 days) are all providing buy signals, with the stock trading above these averages. Although the share price remains below the 200-day average—a marker of longer-term caution—the convergence of these short-term positive technical signals may motivate market participants to continue building positions, especially if operational momentum persists.

The ongoing business restructuring and digital focus are showing early signs of operational improvement. The Warehouse Group is actively restructuring, focusing on streamlining operations and boosting efficiency, with stated progress in cost reductions and operational performance. The company’s digital transformation—especially the expansion of its e-commerce operations, now representing 5.1% of sales—has been identified as a key growth lever. Management’s discipline in restructuring and commitment to digital innovation are being watched closely by the market, with recent financial stability seen as validation that the strategy is beginning to bear fruit for the NZ retailer.

Low stock volatility and defensive business segments provide stability amid New Zealand’s sluggish retail environment. Warehouse Group’s beta stands at 0.14, denoting far lower volatility relative to the broader NZX index, which is particularly attractive to risk-averse investors in the current challenging consumer landscape. The company’s diversified footprint across general merchandise (The Warehouse), technology (Noel Leeming), stationery (Warehouse Stationery), and sporting goods (Torpedo7) provides a defensive edge. This, coupled with prudent adjustments in inventory and costs, enhances the group’s resilience despite a competitive and subdued domestic retail market, and should underpin support for the stock in the medium term.

FAQ

P. Laurore

Finance expert

Co-founder of HelloSafe and holder of a Master's degree in finance, Pauline has recognised expertise in personal finance, which she uses to help users better understand and optimise their financial choices. At HelloSafe, Pauline plays a key role in designing clear, educational content on savings, investments and personal finance. Passionate about financial education, Pauline strives, with every piece of content she oversees, to provide reliable, transparent and unbiased information for independent and informed financial management. To this end, she has tested over 100 trading platforms to help internet users make the right choices.