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Explore the latest retail news by Business Desk. Need more retail stories? Search our archive.

NZ wholesale trade lifts 0.7% in 1Q
Rebecca Howard | Sun, 09 Jun 2019

By Rebecca Howard June 10 (BusinessDesk) - New Zealand's wholesale trade lifted in the March quarter after falling in December and may add to the view that first-quarter economic growth held up better than expected.  Seasonally adjusted sales rose 0.7 percent in the three m...

Comvita CEO to step down, Hewlett to lead strategic review
Jenny Ruth | Wed, 05 Jun 2019

By Jenny Ruth June 6 (BusinessDesk) - Comvita's chief executive for the past four years, Scott Coulter, is stepping down in September and, while it searches for a replacement, former CEO Brett Hewlett is taking on a temporary executive role to review the company’s underperform...

New car registrations drop 14% in May as cooling market continues
Paul McBeth | Tue, 04 Jun 2019

By Paul McBeth June 5 (BusinessDesk) - New car registrations fell almost 14 percent in May from a year earlier, as the local vehicle market continues to slow after successive records in recent years.  Motor Industry Association figures show 12,259 new vehicles were register...

NZ consumer confidence eases to six-month low
Rebecca Howard | Thu, 30 May 2019

By Rebecca Howard May 31 (BusinessDesk) - Consumer confidence eased in May to a six-month low but continues to hover around the historical average.  The latest ANZ-Roy Morgan survey of consumer confidence fell 4 points in May to 119.3, but remained above the neutral 100-poi...

Acquisition costs push Moa to $3 mln loss
Gavin Evans | Thu, 30 May 2019

By Gavin Evans May 30 (BusinessDesk) - Brewer Moa Group reported a full-year loss of almost $3 million, with business acquisition expenses driving an 11 percent increase in costs. The firm, forecasting profit in the current year following its purchase of Savor Group, saw it...

Turners may shed Oxford Finance, EC Credit in bid to simplify business
Paul McBeth | Tue, 28 May 2019

By Paul McBeth May 29 (BusinessDesk) - Turners Automotive Group may sell its Oxford Finance and EC Credit debt collection units as it attempts to streamline the business. It has already ditched the Buy Right Cars brand at a cost of $4.3 million.  That brand write-off led to...

Todd to take controlling stake in Sunergise NZ
Gavin Evans | Mon, 27 May 2019

By Gavin Evans May 28 (BusinessDesk) - Todd Corporation is to acquire a 75 percent stake in solar provider Sunergise New Zealand as part of a strategy to expand the range of its Nova Energy business. The Todd Group has extensive natural gas interests, including stakes in th...

Motor Trade Finance profit falls as Turners takes more business in-house
Paul McBeth | Mon, 27 May 2019

By Paul McBeth May 27 (BusinessDesk) - Motor Trade Finance reported a 2.6 percent decline in first-half profit as the auto lender wrote less business with Turners Automotive Group.  Net profit fell to $4.2 million in the six months ended March 31, from $4.3 million a year e...

Intuit juggernaut grows QuickBooks subscribers but momentum slows
Jenny Ruth | Fri, 24 May 2019

By Jenny Ruth May 24 (BusinessDesk) - United States-based Intuit increased its online QuickBooks subscriptions to more than 4.2 million at the end of April, up 32 percent compared with the same quarter last year. That’s up from 3.9 million subscribers at Jan. 31. However...

UPDATE: Metroglass' Australian woes drag annual net profit down 69%
Jenny Ruth | Thu, 23 May 2019

(Updates share price and adds further detail and comment from 3rd par) By Jenny Ruth May 23 (BusinessDesk) - Metro Performance Glass blamed "significant challenges" in Australia for a 69 percent plunge in annual net profit and a slide in operating earnings consistent with t...

Zespri annual profit jumps 77% on higher kiwifruit sales, increased licensing
Paul McBeth | Wed, 22 May 2019

By Paul McBeth May 23 (BusinessDesk) - Zespri Group says annual profit rose 77 percent as the fruit export marketer benefited from growing global sales of kiwifruit and bigger fees from the licensing of the SunGold variety.  The firm, which markets kiwifruit on behalf of 2,...

NZ first-quarter retail sales grow 0.7%, slightly better than expected
Rebecca Howard | Tue, 21 May 2019

By Rebecca Howard May 22 (BusinessDesk) - New Zealand's retail sales were slightly higher than expected in the first quarter amid increased spending at department stores and on hardware and building supplies. Retail sales volumes rose a seasonally adjusted 0.7 percent in th...

Licensing key to medicinal cannabis firm Cannasouth's ambitions
Paul McBeth | Mon, 20 May 2019

By Paul McBeth May 20 (BusinessDesk) - Medicinal cannabis firm Cannasouth is poised to become NZX's first initial public offering in two years and is touting its ability to secure licences and strong relationships with regulators as selling points.  The Waikato-based compan...

Terra Vitae says poor harvest to hit sales, earnings
Gavin Evans | Sun, 19 May 2019

By Gavin Evans May 20 (BusinessDesk) - Grape grower Terra Vitae has warned earnings will be reduced by a poor harvest. The company, which has vineyards in Marlborough and Hawke’s Bay, says that subject to final pricing, including extra payments for reserve grade wines, it w...

UPDATE: Global ice cream company Froneri snaps up Tip Top
Rebecca Howard | Mon, 13 May 2019

(Updates to add CEO comment throughout, comment from New Zealand First)  By Rebecca Howard May 13 (BusinessDesk) - Global ice cream company Froneri has bought Fonterra Cooperative Group's Tip Top for $380 million, ending a six-month sale process.  The price was about $10...

Kiwis splash out on travel, food in April as card spending rises
Rebecca Howard | Fri, 10 May 2019

By Rebecca Howard May 10 (BusinessDesk) - Spending on credit and debit cards increased in April as people took advantage of the extended holiday period to travel and eat out more.  Seasonally-adjusted card spending increased 0.6 percent in April after a 0.2 percent dip in M...

Warehouse lifts Q3 sales 1.9%, Red Sheds' same-store sales up 1.7%
Jenny Ruth | Thu, 09 May 2019

By Jenny Ruth May 10 (BusinessDesk) - The Warehouse Group says its third quarter sales rose 1.9 percent with its flagship Red Sheds brand returning to positive same-store sales growth. The latest result follows 2.7 percent growth in first-half sales. “We’re encouraged th...

NZ commodity prices extend gain in April, March figures revised higher
Rebecca Howard | Mon, 06 May 2019

By Rebecca Howard May 6 (BusinessDesk) - New Zealand commodity prices lifted in April and were significantly higher in March than previously reported, ANZ Bank’s monthly commodity price index shows. The ANZ world commodity price index lifted 2.5 percent in April, following...

Comvita shares tumble as it says honey production season was poor overall
Rebecca Howard | Mon, 06 May 2019

By Rebecca Howard May 6 (BusinessDesk) - Comvita shares fell 9.3 percent after it said honey production had been "poor overall" for the third season in a row and it now expects a net loss of around $6 million for the year.  The shares recently traded at $3.80 and are down 1...

Briscoe warns accounting change and margin squeeze may knock profit
Paul McBeth | Sun, 05 May 2019

By Paul McBeth May 6 (BusinessDesk) - Briscoe Group says it may struggle to deliver another record profit as accounting rule changes reduce earnings already facing a squeeze from higher wages and increased costs.  Accounting rule changes to how firms can treat leases reduce...

Countdown March-qtr sales growth underpinned by produce, perishables
Paul McBeth | Thu, 02 May 2019

By Paul McBeth May 2 (BusinessDesk) - The Woolworths-owned Countdown supermarket chain lifted sales 3.2 percent in the March quarter, which the retailer put down to growth in fruit, vegetables and perishables.  Sales across the 180 Countdown stores were $1.69 billion in the...

Moa says 2nd half trading loss narrowed on path to breaking even
Paul McBeth | Wed, 01 May 2019

By Paul McBeth May 2 (BusinessDesk) - Moa Group says it narrowed its trading loss in the second half of the financial year as it works towards breaking even after seven years of red ink since the beer brewer listed.  The company said it's trading loss was $600,000 in the si...

Ebos' board, managers should hang their heads in shame: NZSA
Jenny Ruth | Wed, 01 May 2019

By Jenny Ruth May 1 (BusinessDesk) - Ebos' board and managers should hang their heads in shame for cutting retail shareholders out of its discounted capital raising, which clearly wasn't urgent, says outgoing New Zealand Shareholders’ Association chair John Hawkins. The iss...


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