Reduction in profit due to accrual for redesigned incentive programme.
Power has shifted to consumers.
Analysts and investors are wary of how successful the consolidation programme will be.
Almost all categories were using the model by the end of the quarter.
The Warehouse founder is taking a break to focus on his commitments as Team New Zealand chairman.
Under the leadership of chief executive Nick Grayston Warehouse has embarked on a three-year strategy to lift profitability.
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