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Officeworks shows growth in first half

February 22, 2021

Officeworks reported a 23.7% increase in total revenue to AU$1.52 billion ($1.19 billion/ €988 million) for the first half of the 2021 financial year.

The retailer reported a 22% increase in earnings to AU$100 million ($79 million/ €65 million). The company reported that customers continue to respond positively to Officeworks’ every channel offer with sales growth of 23.6% delivered for the half, underpinned by robust transaction growth.

Officeworks said that strong sales growth was delivered in both stores and online as a result of continued investment in the customer experience as part of its every channel strategy. This strategy allowed the business to respond quickly to changes in customer behaviour during the first half of its financial year.

Online penetration increased to 37.1%, which the company said is driven by periods of particularly strong online sales growth when in store access was restricted due to COVID-19.

The business delivered strong earnings growth despite gross margin compression driven by changes in sales mix, continued investment in low prices, and additional costs incurred to keep team members and customers safe in a COVID-19 environment.

Officeworks Managing Director, Sarah Hunter, said: “The constantly changing landscape of COVID-19 meant we had to be agile to meet changing customer needs, and ensuring the safety for our team members and customers remains our top priority. The performance in the first half is pleasing, we have delivered strong financial results whilst continuing to invest for long-term growth. This is a testament to our team and their agility and capability.”

In a period where our communities needed support more than ever, Officeworks contributed more than AU$3million ($2.4 million/ €1.95 million) to local and national community groups.

During the reporting period, a brand-new store in Belmont (WA) was opened and the Gilles Plains (SA) team relocated to a new store, the company added.

“While the outlook is uncertain, Officeworks remains well positioned for the future with a focus on meeting and adapting to the evolving needs and wants of customers. We remain focused on making bigger things happen for our team, customers and the communities in which we live and work,” Hunter said.

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