Godfreys financials show profit

By Sarah Stowe | 29 Oct 2015 View comments

Sales at the retail chain Godfreys increased 3.5 percent to $90.6m, it has revealed in its half year financial results. In the six month period to December 2014 seven stores were opened, five franchised outlets were bought back for $1.1m and three franchise stores were closed.

There are now 210 outlets in the chain, 128 company owned and 82 franchised outlets. There are plans for the second half of 2015 financial year to add another two new stores and to convert the Whitford City, Western Australia outlet from company owned to franchisee owned.

The chief executive officer, Tom Krulis, said "Optimisation of our store portfolio will continue to be a key driver of our growth and during the period we opened our new concept store at Traralgon Victoria which is setting a new standard.

"Godfreys' greatest strength remains our people and strong sales culture, built on the princples of understanding customer needs, product knowledge and sales technique. We pride ourselves on being at the cutting edge of product development and innovation and have an exciting array of new products to be launched in the remainder of th eyear," Krulis said.

The company also announced net profit after tax of $5.4m for the half year. Late last year the business was opened up to an IPO.