Friday, July 10, 2020

BUSINESS seems to be booming for Woodie’s DIY, who reported a record month for revenue in June.

Woodie’s DIY Cork Road store, one of the largest stores in Ireland, re-opened to much fanfare on Monday, May 18.

Lengthy queues that formed for the first few weeks are sure to have added to the “exceptional” sales of seasonal products that were experienced.

Despite this, overall in the first half of this year revenue of Woodie’s owner, Grafton Group, fell almost 20% to €1.18bn.

Grafton said its performance last month was “more resilient” than what was forseen with revenue of €275.6m from continuing operations.

The trading update showed that revenue for June this year was 11.4% ahead of the same month last year.

While it was encouraged by the improved performance in June Grafton said, “Trading during the month is likely to have been influenced by pent-up demand as Covid-19 restrictions were lifted and we remain cautious about revenue trends in the second half of the year.”

CEO of Grafton, 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.”

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