By Keri Algar
SYDNEY, NSW: Bunnings owner Wesfarmers has today reported an 8.1 per cent rise in profit for its home improvement division in its third quarter sales results.
Total sales for the third quarter reached $1.7 billion, representing a store-on-store growth of 5.5 per cent. During the third quarter seven Bunnings trading locations were opened, including one warehouse, three smaller format stores and three trade centres, according to a report on the Australian Securities Exchange (ASX).
Target reported a 2.4 per cent loss and Kmart a 0.7 per cent rise in profits for the third quarter.
Managing director Richard Goyder singled out Bunnings and Coles as key performers in the Wesfarmers portfolio.
“Bunnings total sales for the quarter were up 8.1 per cent on the previous corresponding period, building on 7.9 per cent growth achieved at the same time last year,” said Goyder today in a statement.
“The result reflects the good response to enhancements made to the customer offer and solid contribution from new store openings.”
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Managing director of home improvement and office supplies, John Gillam, added that Bunnings’ focus would continue to improve on customer experience and network expansion.
“The business is positioned for further sales growth, leveraging significant work undertaken over the last 18 months to strengthen our three strategic pillars of price, range and service.”