Page 8 - HW February 2020

hard news
New Year, new stores
and more for Bunnings NZ
Bunnings’ latest New Zealand store is close to Christchurch Airport (see our website for more photos).
in FY2018) and GP is up by a percentage point.
This year’s NPAT growth, while still very strong at +22%, is 5% down on last year’s gain.
In comparison, Mitre 10 NZ’s latest group top line, at $1.6b, was +8% on the previous year (updated).
Before Christmas (now having relocated back to Australia – see page 8), Toby Lawrance, Bunnings General Manager NZ, said of the result: “It’s been another busy year and we’re really pleased with our headline results which reflect a strong focus on cost control along with the progress we’ve made to strengthen our offer to customers.
“A huge thanks to all the Bunnings team and of course our customers.”
NEW CHRISTCHURCH STORE
Closer to Christmas came the opening of the new Christchurch Airport store, which joins Riccarton and Shirley in the uber- competitive Christchurch market.
Managed by Mihir Chitre, the store boasts some 13,000m2 of retail area on a 27,000m2 site, and opened on 21 December at 655 Russley Road, alongside the BP on the corner of SH1 / Russley and Harewood Roads.
With a 2,000m2 garden centre and
a 3,000m2 drive-through / trade area, including covered areas for building materials and landscape supplies, the new store includes a bagged goods offer, new kitchen and new tiling displays, new rug racking and elevated playground displays.
By the way, in addition to the new Christchurch Airport store, Bunnings also has its eyes on sites further south, including perhaps one at a proposed big box retail development on Timaru’s
AT THE END of 2019 came news of the latest year’s financials, new stores and the prospects of a new GM for Bunnings NZ.
Gains have softened, but Bunnings NZ is still firmly in growth mode, according to year-end figures posted on the Companies Office website in December.
While costs are clearly well under control, the key numbers for the year to end June 2019 paint a picture of slightly
softer growth than FY2018:
Group revenue: $1.35b ($1.24b in FY2018)
Gross Profit: $401m ($372.8m in FY2018)
Gross Profit as a % of Group revenue: 29.6% (29.9% in FY2018)
NPAT: $42.6m ($34.9m in FY2018)
Compared to last year’s NZ figures, the latest top line is +8.6% (was +11.2%
6 NZHJ | FEBRUARY 2020
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