The Warehouse's profit has fallen 24% to $49 million in the January half year, due to costs associated with exiting liquor and fresh food retailing.
When excluding the $7.4 million cost of dumping its Extra grocery division, The Warehouse's profit was steady at $56.8 million.
Its chief executive Ian Morrice says the company is pleased with a flat profit, given lagging consumer spending.
He says he believes the company has managed difficult circumstances and managed them well.