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The Warehouse to exit TheMarket.com after 'sobering' $23.7m loss

Sale of Torpedo7 for $1 and resulting writedown has 'severe impact' on group's first-half financials.

NBR Staff Wed, 20 Mar 2024
Key points
  • Revenue: down 5% to $1.633 billion in six months ending January 28.
  • Loss: $23.7 million, down 236%.
  • Key takeaway: The group is looking to sell or close TheMarket.com after it failed to achieve the growth or profitability it needed.

The Warehouse Group will sell or close its TheMarket.com business, launched in 2019, after it failed to achieve the growth needed to sustain the platform's profitability.

That comes after the listed retailer slumped to a $23.7 million loss in the six months ending January 28, as it booked a $55.5m

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NBR Staff Wed, 20 Mar 2024
Contact the Writer: editor@nbr.co.nz
News tip? Question? Typo? Let us know: editor@nbr.co.nz
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Key points
  • Revenue: down 5% to $1.633 billion in six months ending January 28.
  • Loss: $23.7 million, down 236%.
  • Key takeaway: The group is looking to sell or close TheMarket.com after it failed to achieve the growth or profitability it needed.
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The Warehouse to exit TheMarket.com after 'sobering' $23.7m loss
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