The pubs and pokies giant has notched higher sales but lower profits as high interest rates and cost of living pressures eat into profit margins.
The operator of Dan Murphy’s and BWS is combating reluctant consumers through targeted discounts and slashing costs, including its wage bill, and growing market share as higher interest rates eat into profits.
“We are targeted and precise. It’s very forensic now to drive sales,” he told investors on Monday morning. As household budgets remain under pressure and consumers continue to make more mindful purchases, Donohue noted people were trading out of protein dishes such as steak. The pubs and liquor store operator notched a 3.6 per cent increase in group sales to $12.3 billion and a similar rise in group earnings to $1.1 billion. However, net profits for the group fell 3.2 per cent in the 2024 financial year to $512 million, driven by higher debt and interest rates.Drinks sales at liquor store chains Dan Murphy’s and BWS grew 3.4 per cent, or 1.1 per cent on a comparable store sales growth. Growth in its hotels division was slower at 2.3 per cent, or 1.
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