Healthy growth for Officeworks, but not so good news for troubled TargetWesfarmers today released its Q1 2014 results for the sales period 01 July to 30 September, with growth across retail operations including Coles, Bunnings and Officeworks.
Officeworks revenues rose 3% to $373 m from $362 m a year prior, with good transactional growth instore and online, consistent with its “every channel” strategy, said Wesfarmers MD, Richard Goyder
The office supplier is “progressing well” and “continued to expand its presence in the B2B market.”
Two stores were shut and three new locations were opened during the period.
Food & Liquor including Coles supermarket grew 4.4% to $6.9bn for first quarter of fiscal 2014.
Bunning’s sales grew over 10%, to $1.9bn
Meanwhile, Target sales fell 6.1% – down over 5% on a year prior, blaming lack of promotional activity compared to last year and clearance of excess winter stock.
Goyder said his retail units were “well placed” for the Christmas period ahead.
Company shares dipped -0.07% to $41.9 today.
