AUSTRALIA: Woolworths Q1 update disappoints
Shares in Australian supermarket retailer Woolworths fell to a six-month low following a disappointing first-quarter trading update.
Woolworths said quarterly sales growth in its key food and liquor division would be around 5.6%, or 2.8% after stripping out new stores, reported Reuters.
The figures failed to match analysts' expectations of 8.5% and 3.8% respectively, leading analysts to cut fiscal 2004 profit forecasts by up to 2.0%.
Woolworths' main rival, Coles Myer, recently stepped up the competition with the launch of its discount fuel offer in July.
In the second part of this week's focus on the Australian food retail market, David Robertson looks at Woolworths' main rival, Coles Myer, which accounts for around 16% of all retail spending in Austr...
With 76% of Australia's food retail market, just two companies, Woolworths and Coles, dominate the region. In a two-part review, David Robertson looks at both supermarket chains. The first article wil...
Australian retailer Coles Myer has reported annual sales up 13.3% to A$36.6bn (US$28.1bn) and said it is considering selling its Myer department stories....
Supermarket chain Woolworths has today (Friday) announced a sharp rise in sales for the year to 26 June, bolstered by strengthening food and liquor sales and acquisitions....
Supermarket chain Coles Myer has agreed to support a food industry proposal to promote the benefits to consumers of buying Australian-grown produce, according to the Age newspaper....
Supermarket chain Woolworths Ltd has refused to comment on reports that it is considering the sale of its A$1bn (US$753m) chain of national distribution centres, according to the Australian Associated...
Retailer Foodland has announced a delay in documents needed to complete the process of its demerger and sale to Woolworths and Metcash....
A charter promoting fair competition between potential buyers of independent supermarkets has started, Australian Competition and Consumer Commission chairman, Graeme Samuel, has announced....
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