20 April 2022
- Woolworths (“WOW”) has expanded the number of stores carrying SECOS products to 970 stores selling the Company’s 8L compostable kitchen caddy bag range and 930 stores selling the 36L compostable bag range.
- The significant expansion in the number of Woolworths retail outlets carrying SECOS products reflects the immense success of the MyEcoBag® compostable bag.
- Woolworths reported MyEcoBag® (data supplied by Quantium) as the fastest growing garbage bag skew by sales and units for 2020/2021 despite only 203 stores stocking the products during this period.
- MyEcoBag® 36L bag sales grew by over 550% yoy and MyEcoBag® 8L bag sales grew by over 450% yoy.
- MyEcoBag® comprised over 40% of Woolworths’ total compostable garbage bag sales growth yoy, leading other compostable brands despite only being represented in 203 stores during 2020/2021.
- SECOS expects the growth rate of MyEcoBag® sales to be further accelerated by the over 400% increase Woolworths retail outlets, which will improve plant utilisation and contribution to consolidated margins in 2022/23.
- The expansion of sales of the MyEco™ range via Woolworths will be supported by the recent manufacturing capacity expansion in the Company’s new Malaysian biopolymer plant which commenced production this quarter adding annual sales potential of $25 million.
- Major retailers and distributors including Woolworths, Officeworks, and Pacchini in Australia and Veteran Canteen Services and Untied Natural Food in the US now stock or distribute MyEcoBag® products, with further major retailers expected to launch MyEcoBag® range in the near future.