Latest Retail News – 19/2/2017
1. Wesfarmers considers selling its Officeworks business.
2. Dominos reports strong sales.
3. Nick Scali says strong housing market boosting sales.
4. Coles earnings slip in otherwise bright result for Wesfarmers.
5. Treasury Wine Estates to push its US wine brands particularly into China.
6. Nestle reports 6% profit drop with China business retarding performance.
7. JB HiFi reports profit up by 31.7%.
More News Briefs ......
Howards Storage World Sold – Howards Storage World have emerged from voluntary administration with news that they have sold the business and its franchise network. The group operated 29 company-owned stores and 30 franchises throughout NSW, Queensland, South Australia and Victoria.
The new owners of the specialty retailer have now been confirmed as UAE based dual companies My Home Storage and Store Trade.
Officeworks Up For Sale – Wesfarmers have announced they are considering selling their Officeworks business. After successfully doubling earnings since 2009 the retail conglomerate has decided to monetise its value including the prospect of a public offering.
Wesfarmers Mixed Results – Overall Wesfarmers have reported strong growth with net profit up by 13.2%. The Bunnings Division performed well despite some losses in the UK during initial setup. Kmart earnings were up by 16.3% while Target sales were down by 18% and earnings down by 78%. Coles struggled in the current supermarket price war with earnings down 2.6% for the first half year.