Bunnings' gain is Masters' pain

Bunnings is stepping up the pressure on Woolworths' loss-making Masters chain, reiterating plans to open between 34 and 40 outlets over the next two years to maintain its strong record of sales and profit growth.

As losses at Woolworths' $3 billion home improvement joint venture widened to $50 million in the June quarter, taking estimated losses for 2015 to around $210 million, Bunnings' profits cracked the $1 billion mark for the first time, rising 11.1 per cent to $1.1 billion.