Mitre 10 has announced that it has achieved sales of more than $1 billion for the first time in its 40 year history, along with a year of solid growth and expansion.

Announcing the financial results for the 2014 year, the company reported network sales of $1043 million, the highest in the company’s history, and an increase of 10.2 per cent from the previous year’s sales of $944 million.

Distributions to members were $58 million, up 11.1 per cent on the previous year, with share capital $46 million, up 5.1 per cent.

“We’re extremely pleased to break through the $1 billion sales mark for the first time, and to do so with timing that coincided with our 40th anniversary. Our financials show Mitre 10 is doing extremely well in a competitive retail and trade atmosphere,” Martin Dippie, Mitre 10 chairman, said.

Mitre 10’s growth is largely due to the local knowledge of store operators and commitment to customer service, in addition to integrated marketing initiatives, Neil Cowie, Mitre 10 chief executive, said.

“We have just opened our 38th Mitre 10 MEGA store in Auckland’s new Westgate development and we have further openings planned for next year,” he said.

“We’re continuing the refresh of our Mitre 10 stores having completed 15 stores this past year, and are also investing strongly into programmes to help our customers build their DIY knowledge.”

Cowie said that retail growth benefited from the Mitre 10 Easy As campaign, with growth in the trade business also evident.

“The 40-year mark is an exceptional milestone – it’s been a fantastic journey of inter-generational growth,” Cowie said.

“Our founding families of the business could never have envisaged that in 2014 we’d be celebrating 40 successful years as well as turning over $1 billion worth of business.”