Delivering for New Zealanders

Foodstuffs North Island Ltd Concise Annual Report FY24            10 July 2024.

As New Zealand continued to deal with the difficult economic conditions and highest inflation in a generation, our co-op had an unwavering focus on delivering value for customers across our 300+ local stores.

Our local family grocers were united in their determination to help bring inflation down – by buying well and running their stores efficiently – and by the end of the financial year, New Zealand’s food price inflation rate was back under one percent.

At the same time, we expanded our range of affordable and innovative products, improved our online experiences, strengthened our supply chain, and opened world-class new stores for customers, providing solid career opportunities for tens of thousands of New Zealanders along the way.

Our customer driven year is summarised here.

We remain committed to being HereforNZ and that means delivering for everyone including our customers, communities, supplier partners and teams. It means we focus relentlessly on living our four social promises – whether that’s providing healthy and affordable food for all New Zealanders, supporting the communities we are proud to be part of, leading sustainability initiatives in our operations governing how we source products, and offering safe and meaningful employment to New Zealanders in every community.

For more on each of our social promises, jump to our section on Environmental Social Governance.

Of course, none of that would be possible without the 25,000+ Foodies found in every community in the North Island. They’re serving customers, stocking shelves, fulfilling online orders, and making quality food products in-store. They’re in our distribution centres and depots, and out on the road, ensuring supplies get through ready for the day ahead. And they’re in our Support Centre, backing stores with retail excellence and marketing, planning, buying, engaging with suppliers, and growing and developing our people. Together, they make our co-operative what it is.

Find out more about how our people and culture deliver for New Zealanders here.

Our industry is going through significant changes, including the introduction of new grocery market regulations, and we’re working hard to deliver on our obligations under the new regulations.

Find out more about how we have worked with our supplier partners and Government here.

In November 2023, the Boards of both Foodstuffs North Island and Foodstuffs South Island announced a proposal to merge. On 4 June 2024, the Members of both co-ops overwhelmingly voted in favour of the merger at their respective Special General Meetings. 

The proposed merger is driven by an ambitious goal to be the world’s best grocery co-op, owned by the best local grocery retailers and wholesalers, delivering the best experience and value to New Zealanders. It’s the next logical step for our co-ops to evolve to do better, now and in the future.

The proposed merger is conditional on regulatory approval being granted and at the time of writing, the Commerce Commission had moved to a Statement of Unresolved Issues, inviting further submissions from both co-ops and other interested parties. The Commission is due to make its decision on whether to clear the proposed merger by 1 October 2024.

In our view, with a simpler, smarter way of operating, as one national co-op, we can collectively invest in our future and keep delivering what matters most to customers: value at the checkout, quality products, and support for local communities.

Our stores will stay 100% New Zealand-owned and operated.

Click the links below to see how we delivered for New Zealanders this year.

Key data from FY24
Leadership reports
Reports from our Chair and CEO, and our Banner Representation Groups and committees who served the co-op in FY24 
Customer driven
How we fought inflation, invested in stores, modernised systems and strengthened our supply chain
Brand reports
A snapshot of how Four Square, New World, PAK’nSAVE, Gilmours, Liquorland and Foodstuffs Own Brands have delivered for New Zealanders
People and culture
Our record on safety and wellbeing, how we foster talent, and work to ensure equality, diversity, and inclusion
Environmental Social Governance
Healthy and affordable food, sustainability leadership, providing meaningful work and local community support
External relations
How we worked with suppliers and Government
Financial statements
Our consolidated FY24 Financial Statements of Foodstuffs North Island Limited