AUSTRALIA: Positive sales results encourage increase in Woolworth's share value
It was announced yesterday (16 October) that Australian supermarket giant Woolworth's had experienced a better-than-expected 9.6% sales boost for the Q1 of 2000/01, and CEO Roger Corbett is confident that the company is on track to achieve high single-digit sales growth during the full year.Aided by the lowering of personal income tax, and even the impact of the Olympic Games, the store's sales performance reached A$5.29m during the same period, despite expectations that it would be adversely affected by the implementation of the Goods and Service Tax (GST) on 1 July.Corbett explained that: "The average price to customers ... was little changed. [And] in addition our market share grew." He commented, however, that a slowdown in sales is expected, in addition with low double-digit profit growth and continued cost savings over the rest of the year.Shares in the company were encouraged by the sales reports and gained $A0.13 to reach $A7.37 by the end of the day.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-food gives you the widest food market coverage.
Paid just-food members have unlimited access to all our exclusive content - including 17 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Dean Best, editor of just-food
- General Mills sales woes continue - analysis
- Why personalisation will take-off in US food
- Comment: Meal kits in US - don't believe the hype
- US food next wave on display at Winter Fancy Food
- Column: Kraft Heinz, Unilever and sustainability
- Unilever 'lining up spreads sale'
- UK own-label firm Park Cakes sold in MBO
- Immigration crackdown "risk" for US dairy industry
- BRF plant suspended amid bribery allegations
- Fonterra cuts earnings forecast