1 November 2016
New Zealand’s leading home improvement and building supply company Mitre 10 today announced its annual results for 2016, an outstanding financial year that includes a group revenue number of $1.24 billion up 9.4% on the previous year.
The New Zealand owned and operated co-operative is the country’s biggest retail hardware chain and continues to maintain that number one position into 2016 with another year of solid growth, expansion and innovation.
Mitre 10 Chairman Martin Dippie said numbers were well up on the previous year.
“Our network sales for the 2016 financial year were $1.24 billion up 9.4% on the previous year’s $1.135 billion, which was the highest in our Company’s 42 year history,” Mr Dippie said.
“Our financials show Mitre 10 is doing extremely well in a competitive retail and trade environment. We’re extremely pleased with the overall growth and direction of the Co-operative and have been in the process of implementing transformational changes in our business to ensure this success will continue.”
Mitre 10 Chief Executive Neil Cowie said the Co-operative’s growth was largely due to the local knowledge of store operators and the commitment to customer service as well as the success of a number of integrated marketing and operational strategies.
“We opened our 39th Mitre 10 MEGA store in Queenstown in November and our 40th Mitre 10 MEGA store in Papanui, Christchurch, in June – bringing our total number of stores to 81 - and we have further store openings planned for later this year/early next year,” Mr Cowie said.
“Becoming more connected with customers through our digital strategy has played an important role. Our Easy As Videos have passed 15 million views and we launched Mitre 10 On Demand which delivers original streaming video, like Eric Murray’s new house build, that is aimed at helping New Zealanders with their own projects.
“Our retail customers are making good use of both the buy online and ‘click and collect’ options available through our website and we’ve seen a 177% growth increase in online sales from 2015. We’ve expanded the features and functionality of our online offering, including an 85% increase in the total number of products available online which is now over 18,000.
“Heading into 2017 we’re looking forward to the second year of our sponsorship of the national provincial rugby competitions and unveiling more developments in the digital space, as we look to find more ways to create a rewarding experience for our trade and DIY customers.”