Our Integrated Report is designed to report on how our resources contribute through our retail value creation model to deliver our vision to make sustainable living easy and affordable for everyone. This is demonstrated through the six capitals as shown opposite and detailed further in this report.

This Integrated Report has been prepared using the International Integrated Reporting Council’s International Integrated Reporting <IR> Framework. Integrated Reporting aims to:

  • Improve the quality of information available to providers of financial capital;
  • Promote a more cohesive and efficient approach to corporate reporting;
  • Enhance accountability and stewardship for the broad base of capitals (inputs); and
  • Support integrated thinking, decision-making and actions that focus on the creation of value over the short, medium and long term.

At the centre of our Integrated Reporting is the retail value creation model, which details the capitals, or inputs, we draw upon, our strategy and business activities, and the outputs and outcomes we have delivered in FY22. Refer to the following pages for further details on each of these capitals.

In 2021 we also reported under the Global Reporting Initiatives (GRI) reporting framework for the first time, and we continue with this most widely used global sustainability reporting standard this year. Refer to the Sustainability section for further information on the GRI reporting framework, the Group’s materiality assessment and the GRI content index.

The Group’s Board and Management have established internal preparation and quality control processes to ensure the quality and integrity of this report. While we have not sought external audit or assurance for the non-financial information contained throughout this Integrated Report, we have received limited assurance on selected standards of the Group’s GRI disclosures as well as our carbon emissions and energy consumption which are audited by Toitū Envirocare.

1 Delivered In Full On Time

2 Severity 1 Frequency Rate

3 Total Recordable Injury Frequency Rate



We strive to build world-class customer experiences and an ecosystem enabled by our portfolio of brands, our supply chain network and enterprise systems.


Our expertise puts our customers at the centre of all that we do. We have enhanced our focus around five key strategic customer experiences – which are aligned with our purpose, our vision and our values.

Social And

We want to build strong relationships with our communities and our stakeholders to deliver sustainable value and positive change.


We strive to create a dynamic, purpose driven organisation that enables, equips and empowers our people to succeed.


Our financial capital initiatives continue to focus on ensuring financial resilience while deploying more capital to execute our strategy.


Our vision is to make sustainable living easy and affordable for everyone. To increase the sustainability of our own operations and help our customers save money while doing their bit to save the planet.

  • 249 stores including 35 SWAS
  • 87.7% of overseas sourced products through 3 offshore offices
  • DIFOT1 to store: 97.1%
  • DIFOT home delivery: 87.4% for The Warehouse and 93.0% for Warehouse Stationery in July 2022
  • Group (agile brands) Store NPS up +1.4pts to 73.9
  • SKU reduction of 3% for TWL and 14% for WSL
  • Online sales growth 39.8%, 15.3% of total sales
  • Click & Collect sales growth 54.9%, 49.0% of online sales
  • Raised $3.7m for New Zealand charities and communities
  • 290 in-person and virtual supplier training sessions
  • 255 labour and environmental supplier audits
  • eNPS: In-store +24; DC and FC +36; SSO team +48
  • Women in 46.6% of senior leadership roles
  • Gender pay equity 100% at Group level
  • SV1FR2 decreased by 36.6%
  • TRIFR3 decreased by 33.6%
  • TSR 2.5%, compared to NZX gross index decline of 8.1%
  • Liquidity of $378.8m
  • Final dividend 10.0 cps, Full dividend 20.0 cps
  • $140m Sustainability Linked Loans
  • Inclusion in the NZX50
  • 35,600 private label product lines carrying sustainability attributes
  • 12,334 tCO2e of Scope 1 & 2 emissions
  • 98% of the Group’s passenger fleet is EV
  • Diverted 73.4% of operational waste from landfills