Lockdown's $265 million cost for The Warehouse

Lockdown's $265 million cost for The Warehouse
Rebecca Stevenson
The level 4 lockdown cost The Warehouse Group $265 million in lost sales.The retailer today reported net profit attributable to shareholders of $44.5 million for the year ended Aug. 2, thanks to the government wage subsidy. Profit was down 32 percent on 2019.The NZX-listed retailer said it would have posted a $4.3 million loss if the $67.8 million wage subsidy it received for its three brands - The Warehouse, Noel Leeming and Torpedo7 - was stripped out.It said, on average, the wage subsidy equated to about 55 percent of its normal wage and sal...

More Retail

SME revolt slashes targeted council rate by 60%
Retail

SME revolt slashes targeted council rate by 60%

An Auckland SME protest vote has overturned a local rates rise in Onehunga.

Garth Bray 29 May 2025
Warehouse CFO to take top job
Retail

Warehouse CFO to take top job

The next CEO, Mark Stirton, joined the group in April last year.

Gregor Thompson 28 May 2025
New World supermarket first retailer to buy at Drury
Retail

New World supermarket first retailer to buy at Drury

Property developer also welcomes 20% asset deduction Budget sweetener.

Maria Slade 26 May 2025
Downturn dims luxury's lustre
Retail

Downturn dims luxury's lustre

Louis Vuitton NZ's revenue dropped 10.7% to $82.2 million year on year.

Gregor Thompson 26 May 2025