18 Nov 2014

Mitre 10's annual sales top $1 billion

2:48 pm on 18 November 2014

Mitre 10's annual sales have topped $1 billion for the first time.

A Mitre 10 store in the Waiwakaiho Valley in New Plymouth

Mitre 10 includes over 80 privately owned and operated stores in New Zealand. Photo: PHOTO NZ

The retail hardware co-operative of over 80 privately owned and operated stores employs nearly 5000 people throughout New Zealand.

Sales in the year ended June rose 10 percent to just over $1 billion, the best result in the hardware retailer's 40-year history.

The increase in sales was boosted by the addition of three new stores.

As well, the company attributed its revenue growth to its marketing success and the commitment of its owners to customer service, with more than 1.4 million customers a month.

The chain also saw growth in its trade business, though actual numbers were not disclosed and the chief executive was not available to answer questions about the financial result.

Distributions to its member-stakeholders rose just over 11 percent, to $58 million, while the share capital rose 5 percent to $46 million.

Mitre 10 now has 38 megastores, with the opening of an Auckland store at the new Westgate mall, last month.

It plans to open some additional stores in 2015 and will also continue to refresh its existing stores, with 15 renovations completed in the last financial year.

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