Gillam, who runs the Wesfarmers-owned DIY chain, said Homebase had been "out of stock" too much but that the business would be improved over time after Wesfarmers' £340m February purchase of the Homebase.
"We are not particularly enamoured with the way it goes to market and … it’s not a particularly well positioned business," Gillam told delegates at an Australian British Chamber of Commerce lunch in Melbourne.
"But we don’t think we have paid too much for a poorly positioned business."Gillam said plans to open four to six rebranded outlets by June 30 were "on track".
"We’re not going to be too shaken off our path if we are boring people across the next couple of years because we haven’t got any flash results to show,.
"We are generally pretty long-run, long-term focused operators."