Office retailer on a high as earnings soar 8.1 per cent, sales hike 5.2% – one of the few retailers with good news amidst increasing poor trading conditions.
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2011 Financial highlights include: 5.2 per cent increase in retail store sales, 8.1 per cent increase in earnings before tax to $80 billion.
Operating revenue for the office supplies business was $1.5 billion for the full year 2011 – an impressive 4.4 per cent higher than 2010.
Sales were underpinned by strong transaction growth and the business channel continued to “gain traction with customers,” it announced today as part of its group results.
The giant also opened ten new stores during the period.
At year-end, there were 135 Officeworks stores and four Harris Technology outlets, although Harris, the SMB specialist, suffered poorer than anticipated sales, hit by a lack of consumer confidence.
“Both businesses reported strong uplift in customer transactions and volume growth as they continued to make good progress in repositioning their offers,” Westfarmers said.
The equipment supplier is looking to improve the customer offering and growing its business-to-business line will remain an area of focus, the company, said today.
Its also planning “expanding its technology and technical services offer to business customers” and “capitalise on emerging trends and technologies.”
And the Westfarmers owned retailer is positive for the future in spite of increasing “competitive environment” and is expanding.
Westfarmers have plenty to be cheery about – profit after tax for the 2011 financial year was $1,922 million – a whopping 22.8 per cent ahead of last year.
This was achieved “despite difficult operating conditions experienced in a number of the Group’s divisions as a result of the large number of natural disasters in Australia and New Zealand and declining consumer confidence,” the group said.