Woolworths announces 10pc CE takings rise for first half 07

By Chris Nicholls

SYDNEY: Woolworths has announced first half consumer electronics (CE) sales to December 30 rose 10.2 per cent year-on-year to $769 million, while its Indian CE chain rose a staggering 820 per cent to $46 million.

The huge result for the Indian chain came off a low base of $5 million, but the results mean Woolworths’ consumer electronics divisions grew by 15.9 per cent in total, with 15.7 per cent growth for the second quarter.

Nineteen Dick Smith Electronics and three Powerhouse stores opened during the reporting period.

The numbers came as Woolworths announced their total group first half results, with total sales of $24 billion, a rise of 8.6 per cent over the same period last year.

Big W also enjoyed a 13.1 per cent sales increase over the half compared with last year, and showed 10.6 per cent growth for the second quarter.

Chief executive and group managing director Michael Luscombe also remained positive about full year prospects, predicting eight to ten per cent growth over the rest of the year.

Full-year earnings results and the half year profit result will be announced February 26.

Luscombe also thanked his staff for a “great team effort’, despite the tough retail conditions.

 

 

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