Helloworld bullish as network shrinks
Helloworld has confirmed that its retail network has reduced by 7%, with the decrease expected to deliver a financial impact in the order of up to $10 million for the current financial year.
The group expressed hopes that the decline, measured against its network as at December 2013, would be partly offset by growth in online trading through its Helloworld.com.au channel.
As a result, it expects to achieve adjusted earnings of $40 to $41 million for the current financial year. The figure is within the range of its previously stated market guidance, although does not take into account the costs of implementing the new Helloworld brand.
Despite the diminished network, the group says it will have more than 1,700 locations by July – one year since it launched Helloworld.
While 890 locations have so far signed on the dotted line across the new brand's three retail models, by next month it expects to have 300 branded locations, 400 brand-carrying associate locations and 300 affiliate locations, with a further 440 locations operating under the affiliated Concorde Agency Network.
In addition, 100 Australian locations are expected to remain in operation under the Harvey World Travel, Travelscene, Jetset Travel and Travelworld brands. There are also 195 locations in New Zealand.
Chief executive Elizabeth Gaines described it as a “strong” network developed over a relatively short period of time.
“We are very pleased with the progress the company has made in implementing the Helloworld strategy since it was launched only 11 months ago,” she said.
“The most critical phase of change is completed and we will now focus on growing the brand presence in the Australian market.”
So far, 250 branded locations have received Helloworld branding and signage, with a further 15 refitted as ambassador stores with new branding, design, layout, interiors and furniture.
The majority of brand-carrying associate stores have already been refreshed.
“Helloworld has developed a substantial, nationwide visual footprint through both Helloworld branded and brand-carrying associate locations,” Gaines said.
“Combined with integrated marketing campaigns and a strong digital component through Helloworld.com.au, we offer the ultimate flexibility and convenience to our customers.”
With the implementation of the new brand expected to be largely complete by June 30, Helloworld anticipated a "significant reduction" in costs in the next financial year with profit before tax expected to "improve significantly".
Email the Travel Weekly team at traveldesk@travelweekly.com.au
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