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BRIEF-Woolworths Group Sees Further Reduction In Losses In FY20

Published 29/08/2019, 11:11 am
BRIEF-Woolworths Group Sees Further Reduction In Losses In FY20
WOW
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Aug 29 (Reuters) - Woolworths Group Ltd WOW.AX :

* FULL IMPACT OF NEW WOOLWORTHS SUPERMARKETS AND METRO EA WILL REFLECT IN F20

* NEW ZEALAND FOOD DELIVERED STRONG ONLINE SALES GROWTH OF 40% (NORMALISED) WITH HIGHEST ONLINE SALES PENETRATION IN GROUP AT 6.8% IN FY19

* IN F20, WE EXPECT A FURTHER REDUCTION IN LOSSES AS TURNAROUND OF BUSINESS CONTINUES AND UNPROFITABLE STORES ARE CLOSED

* SALES MOMENTUM ACROSS GROUP IMPROVED IN SECOND HALF OF F19 AND WE HAVE CARRIED THIS MOMENTUM INTO F20

* IN AUSTRALIAN FOOD, REMAIN CONFIDENT IN PLANS TO DELIVER SALES GROWTH THROUGH LOCALISED RANGING, IMPROVED FRESH EXPERIENCE & STORE RENEWALS

* BIG W INTENDS TO CLOSE ABOUT 30 STORES OVER NEXT THREE YEARS AND TWO DISTRIBUTION CENTRES AT THE END OF THEIR LEASE

* AUSTRALIAN FOOD COMPARABLE SALES GROWTH FOR FIRST EIGHT WEEKS OF F20 AT ABOUT 7.5%

* "WE REMAIN FOCUSED ON REDUCING STOCKLOSS IN F20 FOLLOWING A RELATIVELY POOR PERFORMANCE IN F19"

* AUSTRALIAN FOOD H2 COMPARABLE SALES INCREASED BY 3.9% RESULTING IN FULL YEAR COMPARABLE SALES OF 3.1%

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