Officeworks Tipped To Deliver Record Numbers Catch A New Contributor For Wesfarmers
Wesfarmers are tipped to report record revenues tomorrow across both Bunnings and Officeworks with some insiders tipping revenue growth at Officeworks of over 20%.
A major contributor to Officeworks growth has been COVID-19 hibernation with multiple notebook brands telling ChannelNews that the retailer has in some cases delivered double the numbers of notebooks sold than what was sold at JB Hi Fi.
With their results due tomorrow Wesfarmers will also be looking at the results for Target in the USA.
Last night Target and Lowe’s reported the strongest quarterly sales growth in their histories.
In Australia Target has struggled while Target in the USA has benefited as coronavirus concerns fuelled demand for services that let shoppers pick up goods in parking lots or skip trips to the store.
Also adding to the Wesfarmers growth from retail is Catch who is taking on Kogan in the online market.
Wesfarmers’ shock decision to pay $230 million for online department store and marketplace Catch Group appears to have been a smart move, with the online retailer delivering big returns to the WA Company with the business now attracting mainstream brands.
This week the Company rolled out a new TV advertising campaign with the site attracting 5.7 Million unique visitors last month according to SEMrush analytics vs 6.1 Million at Kogan.com.