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.

Already a Subscriber ? Sign in here.

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 }}

Markets

Global markets rise as EU/US trade deal agreed

One trade deal settled, China still to come.

AFP 3:35pm

Law & Regulation

Govt beats ComCom to card surcharge ban

Amendment bill announcement comes after the ComCom said it was exploring doing the same.

Gregor Thompson 2:00pm

Markets

King Honey calls in the receivers

Parent company Me Today failed to find a buyer for the mānuka honey business.

Greg Hurrell 11:10am

Sponsored

Global real estate without the passport or paperwork

A global ETF offers access to income-generating real estate like data centres, healthcare and logistics warehouses – all in New Zealand dollars.

Blackrock, Smart Invest

Sponsored

‘Make Today the Day’: Why on-the-job training is the key to NZ’s service recovery

Covid gutted New Zealand’s service workforce. Training is the fix – and the future.

ServiceIQ

More Retail

Finance

Time ripe to stop forex fees confusion

Misleading 'fees free' foreign exchange deals are costing Kiwis.

Pattrick Smellie 22 Jul 2025

Retail

Warehouse reshuffles exec team

The Warehouse Group has reshuffled its executive team ahead of its leadership transition at the end of the month.On Friday, the retail group appointed Stefan Knight as chief financial officer. Knight will exit his role as financial director at Spark New Zealand and start on Aug 1...

Staff reporters 18 Jul 2025