One of our largest retailers believes it's starting to turn a corner

The Warehouse Group is back in the black, with its latest financial results.

Operating profit across its Warehouse, Warehouse Stationary and Noel Leeming stores are down 55-percent, while sales are down 1.6 percent.

But first half net profit is 11.8 million dollars -- up from a net loss of 23.7 million in the same period the previous year.

Chair Dame Joan Withers says the company has been cutting costs and capital expenditure, and focusing on fundamentals, but still has work to do.