Lockdown's $265 million cost for The Warehouse

Lockdown's $265 million cost for The Warehouse
Rebecca Stevenson
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...

More Retail

ANZ alternate capital review proposal unveiled
Finance

ANZ alternate capital review proposal unveiled

The bank argues its proposal would cut borrowing costs by 11 basis points.

Andy Macdonald 13 Oct 2025
Smiths City owes creditors $26.8m
Retail

Smiths City owes creditors $26.8m

The outlook for unsecured creditors of the former retail icon Smiths City appears bleak, as liabilities have mounted to more than $26.8 million.Liquidators for the century-old retailer stated in their initial report that 240 creditors were owed money by the company, as reported b...

Staff reporters 09 Oct 2025
Gourmet ice cream company out of flavour as sales melt
Retail

Gourmet ice cream company out of flavour as sales melt

Domestic sales, mainly to NZ supermarkets, plummeted by 94.65%.

Denise McNabb 06 Oct 2025
Warehouse chief says layoffs on table amid profitability dearth
Retail

Warehouse chief says layoffs on table amid profitability dearth

Margin pressure is compounding analyst concerns that cuts can only cut so deep.  

Gregor Thompson 03 Oct 2025