Strong BTS, trade and B2B sales headline 2023 result

 

Officeworks has continued its long run of annual revenue growth with a 5.9 per cent increase in full-year 2023 sales of $3.3 billion.

 

Earnings of $200 million were 10.5 per cent higher than the prior year. 

 

Sales growth reflected improved back-to-school trading results, significant growth in business-to-business sales and continued above-market growth in technology categories. 

 

Sales also benefitted from increased demand across stationery, art, office supplies and ‘Print & Create’ as foot traffic to stores continued to normalise following the impacts of COVID-19 in the prior period. 

 

Strong earnings growth of 10.5 per cent for the period was supported by higher sales, together with the realisation of benefits from proactive investment over recent years to drive productivity and efficiency across stores, supply chain and in the support centre. 

 

Expanded delivery options, including same day and 2-hour delivery, and programs such as Flybuys and 30- day business accounts enabled more personalised experiences and targeted offers for both personal and business customers. 

 

Officeworks managing director Sarah Hunter (pictured) said: “In challenging economic conditions, we remain focussed on delivering an easy and engaging customer experience both in-store and online. 

 

“Officeworks remains focused on delivering further benefits from productivity and efficiency initiatives across stores and modernising the supply chain and the support centre to help mitigate the impact of cost inflation,” Hunter said.

 

Officeworks completed the transition to a new Victorian Import Distribution Centre (IDC) during the year and progressed the development of a new WA Customer Fulfilment Centre (CFC), which is on track to be completed in the 2024 financial year. 

 

Officeworks completed its store renewal program, opened one new store and closed three stores, including the temporary closure of the Underwood, Queensland store. 

 

Together with its customers, nearly $6 million was contributed to the local community in support to Australian students and local, state and national causes. 

 

As at 30 June 2023, there were 166 Officeworks stores across Australia.