2015 2016 2017
Revenue ($000s) 898,694 1,008,066 1,118,363 +11%
Gross Profit 274,510 317,731 350,080 +10%
NPAT 12,034 27,241 27,945 +0.9%
Bunning NZ’s double digit top line gain is on a par with Mitre 10’s growth this last year, but more than PlaceMakers’.
Some pundits have expressed a little surprise at the scale of Bunnings’ top line increase and we’d love to know whether it has come from new stores or organic growth or a mix of both.
One clue might lie in the fact that Bunnings ANZ scored strong +7.3% store-on-store growth for the same period.
This year’s NZ numbers also show a big (+16.5%) increase in Selling Expenses, up $30 million to $210,000 with almost half of that is salaries & wages.
At 31.3%, Bunnings NZ’s Gross Margin this year is slightly down but it wasn’t a fat margin to start with.
The same could be said for the bottom line, with $110 million added to turnover but just a $700,000 NPAT.
As for next year, we expect to hear more about e-commerce, especially if Australia’s strategy – to start with special orders first – goes according to plan.