Mitre 10 annual profit slumps 92% on higher occupancy, land banking costs

Tue, 03 Nov 2015

By Suze Metherell Nov. 4 (BusinessDesk) - Mitre 10 (New Zealand), the cooperative that services the Mitre 10 hardware chain, reported a 92 percent slump in annual profit, as it spent more on land and rent for future stores. Profit dropped to $106,000 in the year ended June 30, from $1.4 million a year earlier, according to its financial statements lodged with the Companies Office. Wholesale revenue rose 5 percent to $708.6 million. Revenue doesn't include actual sales at the stores owned by its shareholders, which rose 10 percent to $1.1...

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