New Zealand’s largest retail business, The Warehouse Group (TWG), has reported another full-year loss for the year ended Aug. 3.
Despite the loss, it has significantly improved on the previous year’s result and says the outlook is more positive, with the second half of the year having been better than the first.
Founded in 1982, the original Warehouse “red sheds” have become synonymous with cut-price shopping and something of a New Zealand icon.
Its brands now include The Warehouse, Warehouse Stationery, and appliance retailer Noel Leeming. Its foray into online selling, TheMarket.com—a Kiwi version of Temu—was closed in June last year after performing poorly for about five years….
New Zealand’s Biggest Retailer Records Another Year of Losses
