22 Sep 2015

Record year for Mitre 10 owners

3:36 pm on 22 September 2015

The hardware chain, Mitre 10, has delivered a record annual result, driven by strong sales across all its product categories, with improved profit margins and lower costs.

The co-operative said distributions to the owners of its 80-plus, member-stores rose 17 percent to $67.2 million in the year ending June, compared with the previous year.

Sales rose almost by 9 percent to $1.136 billion.

Mitre 10 chief executive Neil Cowie said the current financial year was off to a good start, underpinned by low mortgage rates and low unemployment.

"We're still pretty bullish about having another positive year, from a growth perspective. The Auckland housing situation is going to continue to be there and that's certainly been a driver of growth."

Mr Cowie expects the year will be more challenging than last year.

"They'll be some challenges in some of our more rural communities, where they're exposed to agriculture."