Mitre 10 breaks through the $1 billion sales barrier

Mitre 10 breaks through the $1 billion sales barrier

New Zealand’s leading home improvement and building supply company Mitre 10 today announced its annual results for 2014, an outstanding financial year that includes breaking through the $1 billion sales barrier for the first time.

The New Zealand owned and operated co-operative is the country’s leading retail hardware chain and continues to maintain that position into 2014 with another year of solid growth and expansion.

Mitre 10 Chairman Martin Dippie said numbers were well up on the previous year.

“Our network sales for the 2014 financial year were $1,043m up 10.15% on the previous year’s $944m, which was the highest in our company’s 40-year history,” Mr Dippie said. “Our distributions to members were also up 11.1% on last year to $58m, while share capital increased by 5.1% to $46m.

“We’re extremely pleased to break through the $1 billion sales mark for the first time, and to do so with timing that coincided with our 40th anniversary. Our financials show Mitre 10 is doing extremely well in a competitive retail and trade atmosphere.”

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 initiatives.

“We have just opened our 38th Mitre 10 MEGA store in Auckland’s new Westgate development and we have further openings planned for next year,” Mr Cowie said. “We’re continuing the refresh of our Mitre 10 stores having completed 15 stores this past year, and are also investing strongly into programmes to help our customers build their DIY knowledge.

“Our Mitre 10 Easy As campaign has helped push our retail growth, we have seen close to 3.5 million views of our videos since the launch in April 2012, and we’re also continuing to see growth in our trade business.

“The 40-year mark is an exceptional milestone – it’s been a fantastic journey of inter-generational growth. Our founding families of the business could never have envisaged that in 2014 we’d be celebrating 40 successful years as well as turning over $1 billion worth of business.

“We’re looking forward to an enjoyable and rewarding 2015 for our co-op members and store teams as well as the more than 1.4 million customers who pass through our doors every month.”

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