Weak consumer spend, inventory glut sees NZ Merino report a $3.2m loss

NZ Merino's chief executive Angus Street. (Image: Supplied)

Tue, 03 Sep 2024

Weak consumer spending and inventory backed up through the supply chain have caused the New Zealand Merino Company to record a loss of $3.2 million.The net loss after tax was within the Unlisted Securities Exchange's (USX) wool marketer’s previous guidance of a loss between $3.2m and $4.3m.The Christchurch-headquartered business also made an earnings before interest and tax loss of $2.63m in the year ended June 30, 2024.The number of bales sold dropped 7.6% to 115,000, with a reduction of 10,700 fine wool bales and a sl...

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