Lockdown's $265 million cost for The Warehouse

Thu, 15 Oct 2020

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...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Travel

Century-old Tokyo geisha festival revives dying art

Geishas in different parts of Japan are also known for different skills.

AFP 5:00am

World Opinion

An immigrant pope meets the nativist moment

Leo XIV’s rise could be a counter to the politics of fear that Trump has built.

The Washington Post 5:00am

An immigrant pope meets the nativist moment

On the Money

On The Money: ‘Oprah’ O’Sullivan, Jones, Luxon, and more

The Prime Minister sits down with the person he calls “the Oprah of the Business world”.

Dileepa Fonseka 24 May 2025

On The Money: ‘Oprah’ O’Sullivan, Jones, Luxon, and more

Sponsored

Tired of missing out on getting to global summits to help grow your business?

Airwallex is offering a grant for NZ businesses to join the action.

Airwallex

Sponsored

Ready for the C-Suite leap?

Part-time programme. Full-time leadership transformation.

University of Auckland Business School

More Retail

Retail

Restaurant Brands ‘does not seem to care’: Shareholder

At the fiery annual meeting, a shareholder called the Californian market a ‘sinkhole’.

Gregor Thompson 23 May 2025

Retail

Retail activity looking perkier

Retail activity rose in the March quarter, according to Stats NZ’s latest Retail Trade Survey. The total volume of seasonally adjusted retail sales was $25 billion for the March 2025 quarter compared with the December 2024 quarter, up 0.8%, while the total value of seasonally adj...

Staff reporters 23 May 2025

Retail

My Food Bag shares up 8% as sales growth returns

CEO Mark Winter says demand is picking up.

Gregor Thompson 22 May 2025

Retail

Smith & Caughey’s to close

Auckland’s flagship department store Smith & Caughey’s will close for good within 10 weeks, with the loss of almost 100 jobs.A rescue attempt to save the famous retailer – which saw it close its Newmarket store last year and reduce the floor space of its ‘Grande Dame’ Queen St bu...

NZME 21 May 2025

Lockdown's $265 million cost for The Warehouse

More Retail

Your company has a subscription

Team