Australian retailer Woolworths Group ends FY21 with sales of $67 bn

13 Sep '21

2 min read

Pic: Shutterstock

Woolworths Group, an Australian retail company, has posted 5.7 per cent sales rise to $67.3 billion (Australian dollar) in fiscal 2021 ended on June 27, 2021, compared to the sales of $63.7 billion in the previous fiscal. Sales from the company’s Big W subsidiary retailing apparel rose 11.6 per cent to $4.6 billion (FY20: $4.1 billion).

“FY21 was a significant year in the history of Woolworths Group and one we can look back on proudly. We farewelled our Endeavour Group colleagues at the end of June following a multi-year journey to separate the business,” Brad Banducci, Woolworths Group CEO, said in a press release.

The company’s earnings before interest and tax (EBIT) surged 13.7 per cent to $3.6 billion ($3.2 billion).

“BIG W had another fantastic year with improved customer scores and strong sales and EBIT growth. After sales growth of 20.1 per cent in H1, growth moderated in H2 but remained positive at 2.3 per cent, despite the negative impact of lockdowns in the half. EBIT increased by over 300 per cent in the year to $172 million,” Banducci continued.

During the year, BIG W closed three stores as part of its ongoing property network review, with total store numbers reaching 176.

“BIG W sales declined 15.1 per cent for the first eight weeks of FY22 due to the impact of lockdowns and cycling sales growth of 21.1 per cent in the prior year. In FY22 to date, 141 stores have experienced trading restrictions at some point, equating to approximately 2,700 trade days impacted across the business. We are actively managing our apparel stock levels and have commenced earlier than planned clearance activity to proactively manage our inventory position,” Banducci said in the release.

Fibre2Fashion News Desk (JL)

More Woolworths Group plc News... More Retail News - Australia...