Retailer resets after kicking too many ‘own goals’.

 

New Zealand’s The Warehouse Group, parent company of Warehouse Stationery, has reported a post-tax loss of NZ$54.2 million after FY24 sales fell 6.2 per cent to NZ$3 billion.

 

Warehouse Stationery’s sales decreased 6.7 per cent to NZ$231.9 million.

 

“Our FY24 performance is disappointing, and we’ve simply scored too many own goals,” interim CEO John Journee, said.

 

“Our ecosystem strategy was too ambitious, and we took our eye off the ball on product. We held onto Torpedo7 and TheMarket.com too long, reacted too slowly to changing customer spending, and fell out of step with what Kiwi families want,” he said.

 

“We have reset the group strategy, divested unprofitable businesses, and moved away from the ecosystem strategy to a retail-led strategy focused on trading our core brands, The Warehouse, Warehouse Stationery and Noel Leeming,”  Journee said.