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---
description: The annual report combines reward schemes and gift vouchers in one liability, leaving gift-card issuance, redemption and breakage unseparated.
title: Warehouse Group reports NZD13.6m in reward and gift-voucher obligations
image: https://giftcard.news/images/social/v1/warehouse-group-reports-nzd13-6m-reward-gift-voucher-obligations-0f057740f8a0c4a1c1101d5052732266.jpg
---

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# Warehouse Group reports NZD13.6m in reward and gift-voucher obligations

The annual report combines reward schemes and gift vouchers in one liability, leaving gift-card issuance, redemption and breakage unseparated.

By [Oliver Reed](https://giftcard.news/author/oliver-reed/) September 30, 2026 2 min read [ Google News ](https://google.com/preferences/source?q=giftcard.news&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) 

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![The Warehouse Group combined reward and gift-voucher obligations: NZD13.589 million in FY2025 and NZD13.572 million in FY2026. Gift vouchers are not separately quantified.](https://giftcard.news/images/variants/v1/warehouse-group-reports-nzd13-6m-reward-gift-voucher-obligations-combined-589-million-2-w1280.webp) 

 The annual-report balance combines reward schemes with gift vouchers. It does not measure gift-card sales or redemptions. Photo: Gift Card News; source: The Warehouse Group 

[The Warehouse Group](https://giftcard.news/company/the-warehouse-group/) reported NZD13.572 million in obligations for reward schemes and gift vouchers at August 2, almost unchanged from NZD13.589 million a year earlier. The New Zealand retailer published the combined balance with its annual results on September 30\. [\[S01\]](#article-source-1)[\[S02\]](#article-source-2)

The figure appears within trade and other payables. It combines two categories, so it cannot be presented as gift-card balances alone. The report supplies no corresponding separation of card issuance, redemption or breakage. [\[S02\]](#article-source-2)

The data behind the story 

### Combined reward and gift-voucher obligations remain nearly unchanged

Year-end balance in note 8.3 of The Warehouse Group’s 2026 annual report.

 NZD million 

NZD million

Tap or hover for details. All values are also available in the data table.

Source 

Original reported values

The financial statement combines reward schemes and gift vouchers. These balance-date liabilities are neither gift-card-only balances nor annual sales, issuance or redemption. The source does not split the two categories; the chart therefore cannot establish a change in gift-card demand.

Show data tableHide data table 

Scroll left or right to see all columns 

__Combined reward and gift-voucher obligations remain nearly unchanged (NZD million)__
| Category       | NZD million        |
| -------------- | ------------------ |
| August 3, 2025 | 13.589 NZD million |
| August 2, 2026 | 13.572 NZD million |

That distinction matters when comparing issuers: an outstanding obligation measures value still recorded at the reporting date, rather than purchases made through the cards during the year. The small change in this combined line does not establish a change in gift-card demand.

The group operates The Warehouse, Warehouse Stationery and [Noel Leeming](https://giftcard.news/company/noel-leeming/). Its report describes eligible-device trade-ins for Noel Leeming gift cards, illustrating a route to prepaid store credit beyond conventional gifting. It does not identify this exchange mechanism as a new September launch. [\[S02\]](#article-source-2)

The annual disclosure provides a current financial reference for the retailer’s reward and voucher commitments. Assessing gift-card performance separately would require a breakdown the published table does not provide. [\[S02\]](#article-source-2)

## In this article

### Companies

* [Noel Leeming](https://giftcard.news/company/noel-leeming/)
* [The Warehouse Group](https://giftcard.news/company/the-warehouse-group/)

### Sources and documents

* [\[S01\] Original September 30 annual-results release and attached report](https://announcements.nzx.com/announcement/480798?utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) — The Warehouse Group / NZX
* [\[S02\] Complete annual report; financial basis, note 8.3 and Noel Leeming operations](https://announcements.nzx.com/attachment/478119.pdf?utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) — The Warehouse Group

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![Portrait of Oliver Reed](https://giftcard.news/images/variants/v1/oliver-reed-editorial-portrait-w320.webp) 

About the author

## [Oliver Reed](https://giftcard.news/author/oliver-reed/)

Journalist — Industry Deals & Research

Oliver Reed covers industry acquisitions, investment and market research for Gift Card News.

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