‘Torpedo7’s year in review’
24% Torpedo7 year-on-year sales growthTorpedo7’s year was characterised by increased online intensity and promotional drive in stores. Coupled with a full year of House Brand trading, the business demonstrated Torpedo7’s capabilities. Year-on-year sales growth of 24% to $70 million added challenges to all parts of the business whilst maintaining cost of doing business at a much lower growth rate.
A significant shift in our digital marketing activities with our customer base has proven the benefit of operating an integrated omnichannel business. Event-driven marketing to our email database helped with both brand recognition and store foot traffic as well as growing our database.
The physical stores and the New Zealand online store saw significant growth on last year. The Australian website grew sales too, by over 10% in a very competitive market.
The major IT project of an ‘in-house’ point-of-sale (POS) system to integrate into the established operating inventory management system was completed in the second half and will allow many efficiencies in the future. This will give the business the ability to be more agile and efficient as we embed new processes to harness this capability.
Introducing new disciplines to Merchandise Planning and Category Management has helped identify the future position of categories and how the House Brand can contribute to our future success. This activity is seen as a catalyst for profitability for FY17 and beyond.
The Torpedo7 House Brand grew to the largest brand in the stable and is set for even greater growth in the coming financial year. The quality of the product is helping build the Torpedo7 reputation as a genuine and credible offering in all categories in which we operate.
Building our community profile saw Torpedo7 join forces with the Hillary Outdoors Education Centres with the aim of giving less fortunate Kiwi kids, who might not otherwise have the opportunity, the chance to grow through adventure and outdoor learning experiences. Our partnership with Hillary Outdoors focuses on youth from lower-decile schools, enabling them to build life skills and experience personal growth.
The future for Torpedo7 is bright. Focus on growing every category we already play in and exploring other opportunities will ensure we stay ahead of the competition. The team has had a year that they can be proud of, but are all aware of the challenge ahead and are ready to take it head-on!