Noel Leeming has reported improved sales for the first quarter, ending 26 October, saying it’s ‘very pleased’ with customer feedback on its rebranding.
The company, part of TW Group, rebranded in September in a move Tim Edwards, Noel Leeming Group CEO, said was a major re-investment, signaling the rebirth of Noel Leeming.
The company’s latest financials show it racked up sales of $143.2 million, up 2.9% compared to the same quarter last year.
Quarterly same store sales increased 0.5%.
Mark Powell, TW Group CEO, says the same store sales increase was ‘subdued’ compared to previous quarters, largely due to lower television sales given last year’s digital switch-over.
“We have been very pleased with our customers’ feedback on our rebranding, with Noel Leeming delivering increased market share,” Powell says.
He says parent company TW Group will be absorbing one-off rebranding costs for Noel Leeming in the quarter. “We are confident this strategic focus will deliver long-term results for our shareholders in a retail environment that is continuing to evolve to satisfy customers’ changing buying habits.”
Powell says the company continues to expand on the range of services offered to customers in order to remain New Zealand’s leading technology and appliance retailer.
Earlier this week Noel Leeming, which now has 72 stores across New Zealand, announced it had won exclusive New Zealand rights for the Cube3 Dual Colour 3D printer.
The Noel Leeming results came as TW Group reported that it has recorded group sales of $589.4 million for the quarter, with The Warehouse and Warehouse Stationery also recording improved sales.