Home improvement store chain Mitre 10 has reduced its losses amid an increase in sales during the last fiscal year.

The company’s revenue for the year ended June 30 rose 12 per cent to $300 million. Its after-tax loss narrowed to $27.1 million from $99 million in FY24.

CEO Andrea Scown attributed the improvements to the company’s transformation strategy, which includes investments in systems and capability, disciplined execution, and cost management.

“We’ve modernised how we operate, strengthened our supply chain, and embedded new technologies that are already delivering results. From centralised distribution and direct sourcing to the rollout of new technology solutions across our network, these changes are creating a more agile, efficient and customer-focused business,” Scown said.

The CEO added that the company has entered a new chapter, during which its transformation will advance to the final stage alongside store deployment.

“During recent store visits, we’ve seen first-hand the ambition and drive to grow reflected in a healthy stream of refurbishments, expansions and new greenfield stores,” Scown said.

Mitre 10 opened two new stores in Christchurch and Lower Hutt during the year. Two more locations in Wellington Central and Prestons will also open soon.

“Despite a tough economic environment, Mitre 10 has remained resilient. We’ve gained market share and continued to invest in the fundamentals – affordability, range, stock intensity and service,” Scown said.

“We’re optimistic about the future. The economic environment will eventually shift, and our transformation has laid the groundwork for sustainable growth,” she added.