Another impressive performance from Officeworks

Australian office supplies retailer Officeworks saw strong sales and earnings growth in the six months to the end of December 2018.
The Wesfarmers-owned reseller reported H1 sales of A$1.1 billion (US$780 million), a year-on-year increase of 8.2%. Growth was achieved across all merchandise categories, with strong momentum in the B2B segment also being called out.
The increase in sales, as well as effective management of gross margins and the cost of doing business, helped Officeworks’ H1 EBITDA grow by 12.5% year on year to A$90 million.
Two new stores opened and one closed during the first half of the current financial year, with the total number of Officeworks stores standing at 166 as of 31 December.
Speaking on her first earnings call since taking over from Mark Ward, Officeworks’ new Managing Director Sarah Hunter said the company had had a good back-to-school season, but warned of “variable” trading conditions for the rest of the financial year.

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