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Woolworths tweaks Masters home improve stores as losses mount

Woolworths is refurbishing two-and-three-year old Masters home improvement stores in an attempt to boost sales and curb mounting losses, which blew out to AUD245 million (USD174.7m) in 2015, dragging down earnings across the group.

Home improvement managing director Matt Tyson, who took the helm in January last year, said a new Masters format was showing encouraging results, generating sales 30 percent higher than the original format.

Masters currently has nine stores trading under the new format, which features new layouts and a wider range of products and brands, including Honda lawn mowers and Sherwin-Williams paint. It hopes to retrofit about half its fleet of 58 stores by the end of 2016.