The full-year adjusted profit result of $57.1 million, for 53 weeks, was 5.9 per cent below the previous year's result, which was for 52 weeks.
Reported net profit for the year was $52.4 million, a 33 per cent decline on the $77.8 million reported a year earlier.
"Gains on property disposals were offset by a non-cash write down in the carrying value of the Torpedo7 Group, particularly No.1 Fitness, Shotgun Supplements and R&R Sport," the company said.
The Warehouse attributed its strong recovery in the second half to "translating sales and margin growth into profit leverage", as well as favourable winter weather.
"Particularly strong growth was seen in the core home and apparel categories, more than making up for the continued systemic decline in CDs, DVDs, gaming and books," The Warehouse said.
Group chief executive Mark Powell said the strong second half performance was encouraging.
"After a period of significant catch-up investment it was good to see strong profit leverage from continued sales growth. Also, with nearly $150 million annual online sales we are well placed to take a lead in the industry-wide digital revolution," Powell said.
The company said it was too early to provide earnings guidance for the current financial year, which would be significantly influenced by Christmas trading and expected losses from its new financial services business.
"However, the current business performance, coupled with key elements of the group's strategic plan, should ensure that adjusted [net profit] for the group in FY16 is in line with that recorded in FY15."
Chairman Ted van Arkel said the process of finding a replacement for Powell, who is expected to step down by February, was on track and would allow a "smooth handover".
The company announced a final dividend of 5c per share, taking the total annual dividend to 16c per share.
