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

 

Dual investment strategy brings growth for Mitre 10

Dual investment strategy brings growth for Mitre 10

New Zealand’s leading home improvement retailer Mitre 10 today announced its annual results for the year to 30 June 2017, recording another strong performance with group revenue of $1.364 billion up 9.8% year-on-year.
Mitre 10 Chairman Martin Dippie said a number of external and internal factors drove growth over the past year.

“These positive results reflect a buoyant property market, sustained consumer confidence and the commitment of our members to help Kiwis improve their lives and build their dreams. Our customers have responded to our expanding product range, and ongoing investment in providing the highest level of customer service such as our new retail and trade online platforms and the innovative showrooms launched instore,” Mr Dippie says.

“Our Members are continually investing in their stores, upgrading, expanding and finding new ways to deliver the best in-store experience for our customers. Complementing this in-store growth is our commitment to create a complete online experience for our customers as well, from inspiration to advice and product purchase – we’re focussed on delivering the best options, product range and service to customers.”

Reflecting this, Mitre 10’s online sales grew 48% compared to last year, and the company added another 7,000 SKUs (stock keeping units) to its online product range.

Mr Cowie Mitre 10 CEO says the omnichannel approach has strong appeal with customers in both the retail and trade segments because they can easily buy online, and it offers the freedom to get inspiration and advice and compare products and prices, 24/7.

“Having done their homework online, our customers then have the option to visit their local Mitre 10 store and take advantage of our showrooms, range, product knowledge and advice. Our recent kitchen showroom rollout helped drive a strong increase in kitchen sales, compared to 2016, and we are also rolling out our new bathroom showrooms which we expect will perform well.”

Building supplies have continued to be a strong contributor to Mitre 10’s financial performance, generating sales growth of around 15% this year backed by growth in direct-to-site sales and timber sales reflecting a buoyant construction sector and strong demand for new housing.

Our Mitre 10 members have continued to invest in its trade network, including new frame and truss plants, store trade yard expansions, team training and an update to its online trade ordering portal - the Mitre 10 Trade Hub - which streamlines the ordering, delivery and invoicing process, all from one easy to use platform.

“Another key strength for the cooperative will always be its Kiwi owned and operated roots” says Mr Cowie

“Our Members live, work and invest in their communities. Whether it’s our sponsorship of national provincial rugby, the Community of the Year Award or the many community projects our stores initiate and support, our local connection to Kiwis and the DIY spirit informs every aspect of our business,” he says.

Mitre 10 Chairman Martin Dippie concluded “The Mitre 10 brand is stronger than ever with our customers responding to our New Zealand ownership, member investment in our stores, in our online capability, trade capability and our product range. We go into 2018 confident about the long-term future of Mitre 10 as we explore a number of new store and existing store expansion opportunities across the country. It is going to be exciting to take our market leading range and customer experience to even more Kiwis in years to come” Mr Dippie says.

Group Sales
Year
NZ$
2017
$1,364m
2016
$1,240m
2015
$1,135m
2014
$1,043m
2013
$944m

-ends-

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Statistics: Weekly Earnings Rise As More In Full-time Employment

Median weekly earnings from wages and salaries rose by 8.8 percent to $1,189 in the year to the June 2022 quarter, Stats NZ said today... More>>



Bell Gully: Uncertainty Ahead With New Unconscionable Conduct Legislation

new prohibition against ‘unconscionable conduct’ in trade is one of a number of changes to the Fair Trading Act 1986 that come into force from 16 August 2022. The new prohibition may have wide-ranging implications for many businesses... More>>


Statistics: Food Prices Increase 7.4 Percent Annually
Food prices were 7.4 percent higher in July 2022 compared with July 2021, Stats NZ said today... More>>



Westpac: Economic Overview, August 2022 – Pushing Through

The New Zealand economy faces some lean growth in the year ahead as households’ budgets are squeezed, according to Westpac’s latest Economic Overview... More>>


Kiwi Group Holdings: Fisher Funds Acquires Kiwi Wealth Business

Kiwi Group Holdings Limited (KGHL) today announced the sale of Kiwi Wealth to Fisher Funds for NZ$310 million... More>>



Retail NZ: Welcomes Return Of Cruise Ships

“Cruise visitors were big spenders in retail prior to COVID-19, and retailers in Auckland will be celebrating the arrival of P&O’s Pacific Explorer this morning... More>>