Kiwi retailer follows Officeworks’ lead. 

 

New Zealand’s Warehouse Stationery has followed Officeworks’ lead by posting another record profit with a 21 per cent increase in first half sales to NZ$136.6 million, an increase of 2.1 per cent on the previous period. 

 

Parent company The Warehouse Group’s first-half profit surged 89 per cent as The Warehouse, Warehouse Stationery, Noel Leeming, and Torpedo7 divisions all reported record operating profits.

 

Profit jumped to NZ$55 million in the six months to the end of January, from NZ$29.2m last year. The profit included the repayment of its NZ$67.6m government wage subsidy in December.

 

The pandemic came at a time of major restructuring for The Warehouse, as it closed stores, cut jobs and reshuffled rosters to respond to changes in shopping behaviour. 

 

The changes included integrating Warehouse Stationery stores with general merchandise The Warehouse stores.

 

Earlier this year, Officeworks reported sales growth of 23 per cent in the wake of the work-from-home trend.