Author: Esther Taunton

The head of The Warehouse Group pocketed an extra $1.4 million in the 2020 financial year as the company prepared to shed hundreds of jobs.

According to the company's annual report, chief executive Nick Grayston received remuneration of $2.86m, including a long-term incentive payment of $1.3m.

The Warehouse Group chief executive Nick Grayston was paid $3.3 million in the 2020 financial year.

He also collected $471,000 from a short-term incentive payment for the 2019 financial year, paid this year, taking the total to more than $3.3m.

In 2019 Grayston was paid $1.9m, including a base salary of $1.4m.

Five others within The Warehouse Group were also paid more than $1m in 2020.

The group – which includes The Warehouse, Warehouse Stationery, Noel Leeming, Torpedo7 and online Website – is a major employer with around 11,000 staff.

But in June it announced plans for a major restructure which has seen it review leases, peg five stores for closure and review staff hours.

It is currently wrapping up consultation with staff over rosters which will potentially see between 500 and 750 people lose their jobs.

The group has confirmed its unaudited annual net profit released last week of $44.5 million for the year to August 2, down 32 per cent on the previous year.

Grayston said that the $67.8m in wage subsidies it received from the Government had covered just over half its wage bill and meant that the staff got their full wages.

Companies that make a profit this year are under social pressure to repay the wage subsidy, but Grayston said that without it, the group would have made a $4.3m loss.

Revenue was $3.2 billion, up 3.3 per cent on the previous year, or 1.5 per cent when adjusted for 2020 being a 53-week year.

Note from Nighthawk.NZ:

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