Target Australia expands to New Zealand
Trade Me said it is thrilled to have made, “the connection between Target and Kiwis who love a bargain”.
Target Australia is offering free shipping to New Zealand until February 28 as part of the launch.
Announcing the new venture, Trade Me reaffirmed Target Australia is part of the Wesfarmers group and has no affiliation with Target New Zealand or Target Corporation US.
Trade Me yesterday reported a nine per cent increase on its revenue year-on-year to $105.6 million and an EBITDA growth up by 2.5 per cent year-on-year to $66.3 million.
Trade Me also posted an increase of its half-year earnings per share, which is 9.71 cents, up from 9.69 cents in the same period the previous year. A fully imputed interim dividend of 7.8 cents per share will be paid in March.
Company CEO, Jon Macdonald, said Trade Me’s revenue was “on track” in this half-year period. He said in a statement, “expenses were up 19 per cent year-on-year, but down significantly from 28 per cent year-on-year growth in the first half of F15”.
Macdonald said their classifieds continued to “grow strongly”, with revenue up 14 per cent from a year ago. He said revenue in Trade Me Motors also went up 10 per cent year-on-year, and Trade Me Property, 21 per cent in the same period.
“The business is demonstrating good momentum, and we have lots of opportunity in front of us – both in our core business and through extending into new things. We will continue to work hard to capture this opportunity,” he said.