also announce their plans to expand the unit not by acquisition but by internal expansion. In July 2017, less than two years following the acquisition from Westpac, The Warehouse Group announced the sale of the financial services division. The division had been slow to return a profit and returned a bigger loss then expected. The division was sold to FinanceNow, a division of SBS Bank. Bond and bond Bond & Bond (stylised as Bond+Bond) was a retail electronics store founded by Enoch Bond, in Silverdale, Auckland in 1875. The store opened its first home appliance branch in Auckland in 1894. It was previously a subsidiary of the Noel Leeming Group before the group's acquisition by The Warehouse Group in 2012. The chain had 31 stores in 2008. It had 24 stores in early 2013, including ten in Auckland. In 2013, Bond & Bond was merged into Noel Leeming as part of a decision to provide a clear focus on the flagship Noel Leeming brand. Bond & Bond remained as an online clearance website until its closure in 2014. R&r sport R&R Sport was an independent outdoor chain established in Dunedin Central in 1981. By 2014, it had 10 stores, including two in Auckland. In 2014, The Warehouse Group took over the chain and rebranded its stores as Torpedo 7. Financial results The Warehouse went public in 1995. Since then the stock has climbed from $1.29 to $5.54 in 2005 then to $2.605 as of 8 January 2015. During 2005, the stock dropped dramatically due to worse than expected results from the Australian operation. In the financial year ended September 2015, The Warehouse Group reported a revenue of NZ$2.77 billion (up 4.6% on the previous financial year) and profits of NZ$57.1 million (down nearly 6% on the last financial year). Online sales made up NZ$150 million of their revenue – a rise of nearly 800% from just NZ$18.8 million in 2011, though still barely 0.56% of their total sales. While The Warehouse and Warehouse Stationery recorded strong profit growth, the Noel Leeming electronics store division reported a drop in profit of 43% (partly due to one-off rebranding costs). The Torpedo7 Group (including Torpedo7, R&R Fitness, Shotgun Supplements and No.1 Fitness) recorded a profit just above break-even, hit by change and rebranding costs. Meanwhile, the Warehouse Financial Services division recorded a $1.9 million loss, "in line with expectations". References External links Department