Business

• Ten Torpedo7 stores will be rebranded as outlet shops focusing on discounted outdoor gear • Two more store closures confirmed as the retailer tightens its physical store footprint • Online sales and flagship stores will remain key priorities for the brand going forward Torpedo7 is undergoing major changes under its new owners,

* The Warehouse Group cut digital spending by $26.6 million, reducing overall project costs. * Net profit rose to $11.8 million, reversing a $23.7 million loss the previous year. * Sales declined 1.6%, but improved trends were noted in the second quarter. The Warehouse Group has significantly reduced its

* Briscoe Group reported near-record sales despite facing tough economic conditions and margin pressures. * Net profit fell by 38.9% due to a $7.4m tax adjustment and lower dividends. * The company invested $40m in a new distribution centre to improve efficiency. Briscoe Group has reported strong sales for the year,

* JB Hi-Fi’s net income rose 8% to $285.4 million, driven by strong sales growth. * New Zealand sales surged 20%, with online sales jumping 58.4% to NZ$32.4 million. * JB Hi-Fi Invercargill celebrates its first birthday on 20 February. JB Hi-Fi has reported a significant increase in

The team at Mitre 10 MEGA Invercargill are all buzzing this morning after customer Sharen Watson from Nightcaps was the lucky winner of the $20,000 prize draw at the weekend. Store general manager Tracy Key said despite the soggy weather on Saturday morning, there was plenty of excitement for

* Meridian and NZAS have agreed on a 50MW power reduction for winter 2025. * The reduction will take effect from 10 March to 31 August 2025. * Meridian may call for further demand reductions in April 2026. Meridian Energy Limited and New Zealand Aluminium Smelters Limited (NZAS) have reached an agreement to

PowerNet has announced that its Chief Executive Jason Franklin will resign on 2 April 2025, after more than a decade leading the Invercargill-based energy distribution company. He will take on the Chief Executive role at Powerco later that month, overseeing New Zealand’s second-largest electricity and gas distributor, which serves

* Fonterra has started construction on a UHT cream plant in Edendale, Southland. * The $150 million project will create 70 jobs and double capacity by 2030. * Production will meet growing Asian demand, starting with 50 million litres annually. Construction has officially begun at Fonterra’s new ultra-high temperature (UHT) cream plant