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Officeworks posts record $1.7bn full-year profit

Officeworks has reported a record full year result of 8.8 per cent sales growth to $1.71 billion for the 12 months to 30 June 2015.

The retailer posted a 14.6 per cent increase in earnings before tax (EBIT) to $118 million, attributing the strong result to a “relentless focus on meeting customers’ needs, innovation and improving efficiency”.

“Introducing innovative products and services such as the new art and craft range, wearable technology, enhanced print and copy services and launching a parcel delivery service called Mailman, all to help customers ‘achieve their big ideas,’ have strengthened our position as the one stop shop,” Mark Ward, managing director of Officeworks, said.

“The business also delivered an outstanding double-digit return on capital of 11.4 per cent, driven by productivity initiatives and disciplined capital and inventory management,” he said.

Ward said increased investment in customer service initiatives including improved in-store design and layout, a stronger online offer and greater business-to-business sales team support have contributed to the continued in-store and online sales growth.

“The record year-end result demonstrates that customers are responding well to our ‘every channel’ strategy that enables them to shop anywhere, anyhow, anytime,” he said.

“The earnings growth, which was ahead of sales growth, showed that the team’s continued focus on productivity improvements and reducing complexity across the business was paying off,” he said.

“Officeworks’ performance is because of the hard work our team. We’re pleased that our well-established strategy is driving strong business momentum in a competitive marketplace,” he said.

Officeworks opened seven new stores during the year, bringing the network across Australia to 156 outlets.

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