The Warehouse gives up on TheMarket.com
The Warehouse Group has confirmed it will shut down TheMarket.com by late June.
“We are disappointed TheMarket.com did not meet our aspirations, and we will close the front-end of the platform,” said Nick Grayston, The Warehouse Group CEO.
“However, we will use the engine we have built and harness the learnings and innovation we have acquired to continue to power the extended third-party offering for The Warehouse website and app.”
The confirmation comes as the company reported its fiscal third-quarter sales fell 9.2 per cent year over year to $695.5 million.
The Warehouse sales declined 8.1 per cent to $408.3 million while Warehouse Stationery sales decreased 7.5 per cent to $60.8 million. Noel Leeming’s sales slid 9.3 per cent to $224.7 million.
“This has been another challenging quarter for the group. Trading conditions remain highly uncertain,” said Grayston.
“We are focused on gross margin improvements and continued tight control of costs for the final quarter of our financial year. We will continue to invest in our value proposition, offering Kiwi families affordable essentials across all categories.”
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