Mitre 10 NZ posts 38% gain in FY profit by reining in costs as margins squeezed

Tue, 24 Oct 2017

By Jonathan Underhill Oct. 24 (BusinessDesk) - Mitre 10 (New Zealand), the cooperative that services the Mitre 10 hardware chain, posted a 38 percent gain in full-year profit after reining in some expenses including wages, helping offset some margin pressure on seasonal products. Profit was $4.4 million in the 12 months ended June 30 from $3.2 million a year earlier, the Auckland-based company said in a statement. Revenue from the sale of goods rose to $818 million from $767 million. The cooperative, whose shares are held by its store...

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