Chemist Warehouse generated a huge revenue and a tasty profit.
👉 Background: The first Chemist Warehouse store was opened in 2000. Since then, their irritating-yet-catchy jingle, bright yellow stores and warehouse vibe has grown to over 500 stores and 17,000 staff.
👉 What happened: Get this: It’s estimated that Chemist Warehouse has more than a 20 per cent share of Australia's $16 billion retail pharmacy market. In the FY22 year, Chemist Warehouse generated more than $3 billion in revenue. And a tasty profit of around $385m.
👉 What else: And despite the fear that COVID an lockdowns may hurt the biz, it actually ended up being a blessing in disguise.
💡When the economy hits a snag being in the right industry can help.. a lot. When COVID first hit, all retailers fretted that their stores would be forced closed.. and revenue would contract.
💡But for Chemist Warehouse, it actually struck gold - because pharmacies were classified as 'essential services'. This meant they remained open even during lockdowns when most other shops were closed.
💡Throw on top of that, consumers were actually looking for cost-effective products - particularly in the pharmaceutical, healthcare and beauty spaces. And COVID ended being the perfect boost for Chemist Warehouse.
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