Woolworths like for likes slip
Todays trading statement highlights that there has been little real improvement since the profit warning at the beginning of December.
Total group sales for the 6 weeks to the 13 January 2007 increased by 2.2 per cent while like-for-like sales in the Woolworths retail chain declined by 4.6 per cent. Woolworths said that the most difficult areas were the CD, DVD and seasonal confectionery product categories, where market weakness was driven by marked price deflation.Commenting on Christmas trading, Trevor Bish-Jones, Chief Executive, said ‘Both 2entertain and EUK performed well over the Christmas trading period and in the full year to date. Woolworths retail found some of its traditional markets more difficult, leading to disappointing like-for-like sales over the Christmas weeks. Despite this, stock levels have been well controlled and we continue to improve our gross margins. We continue to work at building a better business through necessary investment in stores and systems and the development of a multichannel capability which is being rapidly embraced by our customers.’
[i]Woolworths acquires Bertram Group – see other news piece.[/i]
