Woolworths buys China liquor business Summergate
The managing director of Woolworths Liquor Group, Brad Banducci, says Summergate, the large alcoholic drinks distributor in China which has just been acquired by the company, was able to increase sales in the past three months despite a tough market.
The acquisition is one of the first by Woolworths overseas as it lifts its focus from its domestic operations, where it is battling slowing sales in its core supermarkets business and heavy losses in its Masters hardware operations. Mr Banducci declined to comment on the price.
Woolworths runs the 189-store Dan Murphy’s liquor chain and the BWS chain, with 1230 outlets, in Australia as part of a liquor division which generates sales of $7.4 billion annually.
Mr Banducci said austerity measures imposed by Chinese authorities had crimped sales across the market in China but Summergate had been able to "hold the line", and in the past three months had been able to increase sales. Sydney Morning Herald – Read more…
The acquisition is one of the first by Woolworths overseas as it lifts its focus from its domestic operations, where it is battling slowing sales in its core supermarkets business and heavy losses in its Masters hardware operations. Mr Banducci declined to comment on the price.
Woolworths runs the 189-store Dan Murphy’s liquor chain and the BWS chain, with 1230 outlets, in Australia as part of a liquor division which generates sales of $7.4 billion annually.
Mr Banducci said austerity measures imposed by Chinese authorities had crimped sales across the market in China but Summergate had been able to "hold the line", and in the past three months had been able to increase sales. Sydney Morning Herald – Read more…
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