Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Farmlands reaps rewards of farmers’ spending

MEDIA STATEMENT
February 16 2005

Farmlands reaps rewards of farmers’ spending

New Zealand’s largest rural retail co-operative Farmlands Trading Society has reported a 14% increase in sales to $159 million for the first half of the year (July – December 2004).

Farmlands chief executive officer John Newland said the company had experienced very strong growth in sales and membership with another 650 people joining the co-operative in the six month period.

“We now have 18,000 members and are exceeding revenue budget expectations. This level of optimism is consistent with our business and demonstrates a strong level of member trust in Farmlands,” Mr Newland said.

“Our members are looking for a solid foundation – a business with no surprises and they are backing this with their spending power. This is a very positive position for Farmlands given the recent uncertainty in the rural retail market.

“Along with strong membership support, the increase in sales also signals a renewed confidence in the rural sector.

Mr Newland said the fencing and seed categories have seen the greatest increase in sales. A higher number of calves being reared drove an increase in animal nutrition sales.

Sales through the company’s charge card Farmacard has increase 20% to $58 million. Fertiliser sales had exceeded expectations which Mr Newland attributed to the company now selling at trade prices and its supplier Ballance Agri-nutrients extending its logistical operations.

Another highlight was Farmlands’ “store within a store” Premier Petz chain. This is now operating in 25 of the company’s 30 stores throughout the North Island and sales continued to increase.

“The Whangarei store, which opened a year ago, is operating exceptionally well as are the two new Taranaki stores.

“The outlook for the second half of the year is positive.

“Farmlands is currently planning to open another new store along with relocating two existing stores into larger premises to cope with expanding business,” Mr Newland said.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news