Tucked inside New Zealand's $42 billion economy is a jewel of a company: Warehouse Group of Auckland. Although it boasts just $677 million in estimated 2001 sales, the Warehouse is easily one of the best retail operations in the entire world. The hyperefficient Wal-Mart has 3.3% net margins and a 24.4% return on equity. The Warehouse Group has 6.6% margins and a 41.3% ROE, also considerably higher than other retailers in the U.S. and Australasia (see table opposite).
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