The Warehouse Group has announced one of its worst annual results

It's posting a 54.2 million dollar net loss after tax, down from a 29.9 million dollar profit last year.

Sales at The Warehouse and Noel Leeming are down 5.3 percent; and sales at Warehouse Stationery down 6.7 percent.

Chair, Joan Withers, says the performance is not acceptable, and the board and leadership team are acutely aware shareholders will be disappointed.

She says there's a big job ahead to get the company back on track.