Rebooting Ireland: Woodie’s sets a new record for monthly sales in June

Rebooting Ireland | Wed 15 Jul | Author – Business & Finance

Woodie’s, the Irish-owned DIY Store, and a subsidiary of Grafton Group plc., has set a new record for monthly sales in June in the midst of “exceptional sales of seasonal products.”

Woodie’s, the Irish-owned DIY Store, and a subsidiary of Grafton Group plc., has set a new record for monthly sales in June in the midst of “exceptional sales of seasonal products.” 

The DIY, Home and Garden market leader in Ireland fully reopened on May 18th with huge demand that continued at a steady pace throughout the month.

The chain has thirty-five branches nationwide offering an extensive range of DIY products, paints, lighting, homestyle, housewares, bathroom accessories, building, gardening products and fitted kitchens.

Total group sales rose 11.4% in June to €247.5 million. The increase in sales was aided by two extra trading days, alongside revenue from Dutch company Polvo, an ironmongery, tools and ventilation systems specialist that it acquired last July for €131 million.

“Strong demand in June in our businesses in Ireland and Netherlands, and in Selco [a supplier to small builders] in the UK was partly offset by a slower pace of recovery in the traditional distribution and manufacturing businesses in the UK,” said Grafton, which also owns Chadwicks in Ireland.

The new record for monthly sales comes despite Grafton reporting a drop of 19.4% in group revenue for the first six months of the year due to the impact of the Covid-19 pandemic.

Chief executive of Grafton Group plc., Gavin Slark, said: “While we face many challenges in the months ahead, we are encouraged by the group’s trading and financial performance in the month of June which represented an important milestone on the road to recovery.

“Grafton is in a strong financial position and our resilient portfolio of market leading businesses is emerging stronger from this crisis and remains well positioned for future growth.”

Grafton had access to €732.3 million of cash at the end of June. This included cash in its own bank accounts, and undrawn debt facilities.

“In view of the group’s strong cash and liquidity position, debt of £263 million that had been prudently drawn in April under the committed revolving bank facilities and held in cash was repaid,” the group said

Director salaries, fees and pension arrangements were temporarily reduced in April. They have been restored this month following the successful reopening of business in June.

The group’s annual bonus scheme for 2020 remains suspended.