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Officeworks delivers growth in challenging year

Officeworks delivers growth in challenging year

September 1, 2022

The company has published its latest financial results reporting revenue grew 4.6%.

Officeworks reported its revenue increased 4.6% for the 2022 financial year to AU$3.169 billion ($2.158 billion/ €2.155 billion). Earnings of AU$181 million ($123.3 million/ €123 million) were 14.6% lower than the prior year. 

Sales and margin mix for the year was impacted by COVID-related temporary store closures in the first half, Officeworks said. Strong growth continued in technology and furniture as customers continued to work and learn from home throughout the year.

As COVID-related disruptions eased, trading conditions improved in the second half, with sales growth of 5.5% supported by continued demand growth across technology and furniture categories. The earnings result also reflected higher costs of doing business associated with managing COVID-related disruptions.  

Online penetration, including click and collect, remained elevated during the year, driven by strong online sales during periods of lockdown, the company added.  

During the year, Officeworks upgraded 75 stores and opened two new stores and relocated three stores. As of 30th June 2022, there were a total of 168 Officeworks stores across Australia.   

Officeworks Managing Director, Sarah Hunter said: “I’m incredibly proud of our team for navigating another challenging year and continuing to inspire Australians to work, learn, create and connect. I’d like to thank our team, our customers and partners for their ongoing support and commitment.” 

“Officeworks’ everyday low-prices, wide range, great service, and well established every-channel offer make it well positioned to continue to support retail and business customers in the year ahead and remains committed to helping make bigger things happen for its team, customers, partners and local communities.”

Categories : City News

Tags : Financials Growth Officeworks Retail Sales Stores

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