HOME TIMBER & HARDWARE SALES DOWN IN WOOLIES Q3

By NZHJ May 03, 2016 International News

Woolworths' 3rd quarter sales (13 weeks to 3 April) show Home Timber & Hardware sales sliding.

Announced today, total Woolworths Home Improvement sales for Q3 were AU$507 million, +11.4% on the previous year or +11.9% adjusted for Easter.

Masters sales for the quarter were AU$282 million, +30% on the previous year (+28.8% Easter adjusted).

Home Timber & Hardware sales for the quarter were AU$225 million, negative 5.5% on the previous year (-3.8% Easter adjusted).

Total Masters and Home Timber & Hardware store numbers are still 63 and 43 respectively.

Regarding the exit of Home Improvement, says Woolworths, "Despite a delay in determining a value for Lowe’s shares, Lowe’s has indicated that it supports the sale of the businesses of Hydrox and will do all it reasonably can to facilitate such a sale."

Overall Woolworths sales were also negative (-0.3%) at AU$14.9b, with CEO Brad Banducci stating loud and clear the Group's intent to leave no stone unturned in a 3-5 year "journey to restore sales momentum".

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