Kmart’s New Zealand operation is on the verge of a major milestone, with its revenue nearing the $1 billion mark. In its latest annual earnings report, Kmart NZ Holdings announced total revenue of $999.5 million for the fiscal year ending June 30, 2024.
Sales increased by 8.2% compared to the previous year, while the cost of goods sold decreased, resulting in a 23.2% surge in gross profit to $438.7 million. This growth contributed to a 52.2% rise in net profit, reaching $106 million.
In September, Kmart announced plans to open its largest store in New Zealand, the 6,700-square-meter store is set to be positioned in Auckland’s Westgate area. This outlet is anticipated to begin operations in 2026 and will operate 24/7, employing approximately 240 staff members.
During the same month, Kmart’s main competitor in New Zealand, The Warehouse, announced a net loss of $54.2 million, down from the $29.8 million net profit reported in the previous year.
Starting in late 2025, Kmart and The Warehouse will face competition from IKEA, which is set to open its first New Zealand store at Sylvia Park, Auckland.