Woolworths’ Revenue Jumps

Woolworths, one of the country’s leading retail brands, has recently had a tough time thriving in the downturned economy. Fortunately, the company’s hospitality division, and poker machines, have helped to rebuild the company financially, as Woolworths has seen a revenue jump worth 4.7%.

Chief Executive Grant O’Brien refused to attribute the company’s growth to poker machines; however, statistics would beg to differ. He claims that food and liquor outsold pokies, but a report reveals that poker machine revenue has increased by as much as 10% in some areas of the country. The Office of Liquor, Gaming and Racing also states that hotel pokies, in particular, saw a 5% increase in profits.

“To say the money had been spent on pokies is probably not an accurate description of what has gone on,” O’Brien says.

There is no shame in Woolworths admitting that pokies have played a large role in its growth for the year, but the company seems reluctant to do so. The company maintains that food and beverage sales are the main reason for the 5% increase in profits experienced this quarter.