Earnings and profit fell as the group puts energy into transforming.
Adjusted net profit after tax was $37.7 million, down 16% on the same period the year before.
"The reality is that retail in NZ is a tough, tough business; made tougher with the easy margin products disappearing to Amazon and AliExpress"
CEO Nick Grayston downsizes the business his predecessor tried to diversify.
"Time for the Norman family to make a takeover offer and turn this business around."